IFC delegation meets VP Koung

Monrovia- March 7, 2024- A High Power Delegation from the International Finance Corporation (IFC) of the World Bank today, March 7, 2024, held discussions with Vice President Jeremiah Kpan Koung at his   Capitol Hill office in Monrovia.

According to the release, the delegation was headed by Madam Dahila Khalifa, Regional Director for Central Africa and Anglophone West Africa for the IFC. 

Madam Khalifa asserted that the IFC is keen to assist the Government of Liberia in unlocking the potential for private sector expansion.

She singled out investments in energy and agriculture as the key to developing the private sector and creating jobs.

The IFC Regional Director therefore announced the SCATEC Solar Energy project for Liberia.

The project, when implemented, will produce about 20 megawatts per solar plant to help address Liberia’s energy challenges.

She however expressed that land acquisition remains a challenge to the commencement of the project. 

 “The Solar project takes about six months to complete and offers an immediate solution to the energy crisis,” Madam Khalifa explained.

She also expressed the IFC’s willingness to support Agriculture in Liberia to ensure value addition and improve manufacturing.

 “Although the government’s ARREST vision addresses major sectors of the economy, it falls short of energy, which is the engine for economic growth and development,” Madam Khalifa observed.

In his remarks, Vice President Koung indicated that Agriculture is the gateway to strengthening the private sector.

He recounted Liberia’s favorable climate, rich soil, and fertile land, which provide immense potential to attract investment. 

The release from the vice president’s office said that on energy, Vice President Koung called for a public-private partnership.

“The Government can play a regulatory role in the energy sector, focusing on power generation, while private companies lead the electricity distribution process,” VP Koung said. 

The Vice President stressed that developing the agricultural sector would continue to remain a challenge unless the country improve its electricity supply.

He emphasized that electricity is needed for processing, storing, and packaging commodities for local market and exportation. 

Vice President Koung identified the high-interest rates on loans from commercial banks as one factor responsible for debtors’ non-servicing of loans.

He pledged to work with relevant authorities to secure the land needed to begin the SCATEC Solar Energy project as soon as possible. 

The IFC is the World Bank’s private sector arm, lending to the private sector to create investment opportunities and jobs.

The Institution lends between 5 million and 50 million United States dollars to businesses in the private sector. 

It has a 17 million United States Dollars investment portfolio in Liberia. While in Liberia, Madam Khalifa and the delegation are expected to hold discussions with government officials and actors. -Press release