Liberia Needs At least US$1Billion For Development

-Says Finance Minister Tweah

The Minister of Finance and Development Planning, Samuel Tweah said for Liberia’s evolution to be on par or better than its neighbors, the country will need nearly US$million to US$1billion.

Finance Minister Samuel Tweah

Minister Tweah, who spoke at the launch of the World Bank Group Liberia Country Partnership Framework (CPF), said the government wants to finish the country’s road network so that, “we don’t have the conversation about roads depressing returns in agriculture. To do that, we need around US$800 million to US$1billion. We can’t get that amount from all of our development partners – we can get some.”

He added, “I’ve made this argument to the World Bank that Africa’s deficit is so huge in electricity and roads, that unless you address those, there is no real progress for the private sector.”

He explained that investors are encouraged primarily by existing infrastructure, especially electricity and roads.

Tweah said, the terms “are quite good. We are talking about 0.5 percent from a loan of US$536 million, which is 1.46 percent in seven years interest-free and no payment during the gross period.”

Minister Tweah said looking at the grant element, 45 percent is a grant and 55 is a loan, “so we have to go out there in order to improve on infrastructure space. Debt is challenging, but we are finding a way to resolve that so at the end of the day we believe that those roads will pay us in terms of driving the country to the needed long-term growth, because if you don’t check infrastructure, we will come back five years from now and roads will still be a problem for us.”

He said the government is working along with its development partners in the country to coordinate with all sectors, so that the World Bank Group may take the lead to be able to solve some of the private sector’s related issues. Source: feedspot.com