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GoL, ADB Sign US$56m Agreement

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The New Dawn Liberia The New Dawn LiberiaThe Liberian government has signed a US$ 56 million agreement with the African Development Bank (ADB) for road rehabilitation and other socio-economic development at a ceremony held at the Ministry of Finance in Monrovia.

Finance Minister Augustine Nganfuan, signed on behalf of the government of Liberia, while the Vice President of the African Development Bank Bobby Pittman, signed on behalf of the ADB.

According to the agreement, US$48 million will go towards the Fish Town-Harper road project, while US$8 million is intended for government supplementary. Portion of the fund will also be used to build six clinics and schools in Maryland County.

Speaking during the signing ceremony, Finance Minister Augustine Nganfuan, expressed immense gratitude on behalf of the government and people of Liberia for the continued assistance from the African Development Bank towards the country’s reconstruction drive.

Nganfuan recounted that many of the assistance received by Liberia from the United States Government were based on the efforts and influence of many long time partners of Liberia, including the ADB.

He disclosed that this year along, the ADB has provided the  highest donor support to Liberia   in terms of budgetary support, followed by the European Union, adding  “ADB donated US$ 20 million in 2008 and 2009 when the Liberian Government was facing serious economic and  financial crisis.”

Nganfuan also said the bank has increased Liberia’s allocation under the African Development Fund(ADF), pointing to the recent US$57 million  received under the ADF round eleven for the purpose of development. He disclosed that Liberia is expected to benefit over US$ 154 million in the new round of the ADF.

Earlier, ADB Vice President Bobby Pittman, asserted that the money provided by his institution is in response to the significant development unfolding here. “It is quit unbelievable to see infrastructure development and how much is happening here”, Pittman said. He said the ADB is establishing its offices here to work with the government in capacitating   local entrepreneurs to enhance their businesses.

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