A high-power delegation from the International Finance Corporation (IFC) of the World Bank, on March 7, 2024, held discussions with Vice President Jeremiah Koung in Monrovia.
The delegation, according to the release, was headed by the Regional Director for Central Africa and Anglophone West Africa for the IFC, Dahila Khalifa.
Madam Khalifa asserted that the IFC is keen on assisting the Government of Liberia in unlocking the potential for private sector expansion.
She singled out investments in energy and agriculture as the leading way for developing the private sector and achieving job creation.
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 6 months for completion 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 ARREST vision of the government 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.
On energy, the release from the VP’s office said Koung called for a public-private partnership.
“The government can play a regulatory role in the energy sector, with a focus on power generation, while private companies lead the electricity distribution process,” VP Koung expressed.
The Vice president stressed that the development of the Agricultural sector would continue to remain a challenge, unless the country can make progress on improving electricity
He emphasized that electricity is needed for processing, storage, and packaging of commodities for local market and exportation.
Vice president Koung identified the high interest rates on loans from commercial banks, which he believes is one of the factors responsible for the non-servicing of loans by debtors.
He pledged to work with relevant authorities to secure the land needed to expeditiously begin the SCATEC Solar Energy project.
The IFC is the private sector arm of the World Bank which lends to the private sector to achieve investment opportunities and job creation.
The Institution lends between US$ 5 million and US$50 million to businesses in the private sector.
It has a current investment portfolio of US$17 million in Liberia.
While in Liberia, Madam Khalifa and the delegation are expected to hold discussions with officials of government and actors within the private sector.
