JOHANNESBURG - The African Development Fund, an entity of the African Development Bank Group, has approved a $34.74 million grant and loan to boost renewable energy access and promote an attractive investment climate in Liberia.
In a statement late on Tuesday it said African Development Bank (AfDB) country manager in Liberia Dr. Orison Amu and finance and development planning minister Samuel Tweah Jr. signed financing agreements for two projects.
Under the first project, more than $33 million will go towards constructing a mini dam on the St. John River in Nimba County in northeastern Liberia and the development of the Gbedin hydropower Falls with a total capacity of 9.34 megawatts of power for 7,000 households.
"The system would allow for grid expansion to isolated communities and support the connection of schools, health centers, businesses and industries to the national grid, increasing the rural electrification rate in Liberia," the African Development Fund said.
Tweah Jr. said the project, scheduled for completion by 2024, would help unlock one of the main constraints to economic development -- access to a reliable, affordable and sustainable supply of electricity.