The World Bank endorsed a new funding contract that is worth a total of $27 million to fast track access to affordable and reliable electricity in Liberia. The funding is comprised of a $25 million grant from the Strategic Climate Fund Scaling Up Renewable Energy Program and credit of $2 million provided by the International Development Association (IDA).
A statement from the World Bank said that the funding is aimed at assisting in the utilization of renewable energy sources in Liberia and will support the Liberia Renewable Energy Access Project (LIRENAP) in realizing its goal of establishing a mini hydropower plant.
“The LIRENAP will be implemented by the Rural and Renewable Energy Agency of Liberia and it would liaise with the Ministry of Lands, Mines and Energy to ensure consistency between the activities financed under this project and the sector policies for decentralised electrification,” the World Bank explained in the statement.