The Government of Liberia and the African Development Bank (AfDB) have signed Financing Agreements for two Projects valued at over $33 million. The two projects are the “Renewable Energy for Electrification of Liberia (REEL Project) and Support to Investment Promotion Agencies in Transition Countries.0.
According to the Agreement, the value of the REEL Project is $33.74 million and is expected to be implemented over a 4-year period. The agreement may include the development of a hydropower plant on the Gbedin Falls on the St. John River in Nimba County as the main objective of the REEL Project. The dam is expected to have a capacity of 9.34 MWs and will serve as a source of reliable, sustainable and affordable power in the region thus enabling the power grid expansion to isolated localities and remote areas, and encourage the connection of an increased number of households, schools, health centers, businesses and industries to the national grid.
The statement also named increased access to electricity and fostering the use of renewable energy sources; improved annual electricity generation; increased access to reliable electricity; contribution to the reduction of electricity generation cost; reducing fossil energy consumption; and jobs creation as expected outcomes of the Project.
Additionally, according to the agreement for the “Support to Investment Promotion Agencies in Transition Countries Project” supported by the AfDB under its “ADF-14 Transition Support Facility (TSF)” it is valued at $1 million and is expected to be implemented over the course of three years. The TSF Project will support the Government of Liberia’s efforts in improving the business environment and investment climate.