MONROVIA – Rufus N. Darkortey, Executive Director of the African Development Bank (AfDB), recently concluded a pivotal mission to Liberia, emphasizing the bank’s commitment to aligning its efforts with the nation’s development priorities. From July 8-12, 2024, Darkortey engaged in strategic discussions aimed at fostering sustainable growth under President Joseph Nyuma Boakai’s leadership.
During his first official visit since President Boakai’s election, Darkortey met with top government officials, including Vice President Jeremiah Kpan Koung and Speaker J. Fonati Koffa. The meetings focused on leveraging AfDB’s support to enhance Liberia’s development trajectory, aligning with President Boakai’s vision for the country.
President Boakai expressed his appreciation for AfDB’s substantial backing and assured commitment to implementing critical reforms. These reforms are designed to accelerate national development by focusing on infrastructure and economic capacity building. A significant aspect of these discussions was the emphasis on promoting SME-led private sector growth, which is crucial for economic resilience.
AfDB’s investment strategy in Liberia prioritizes key sectors that are vital for the country’s development. Currently, 56% of the bank’s investments are directed towards the transport sector, which is crucial for improving regional connectivity and trade. Notable projects include the Fish Town-Harper highway, which is set to enhance economic integration and accessibility.
The energy sector also receives significant attention, with 28% of investments focused on projects like the CLSG transmission lines. These initiatives are vital for providing reliable electricity, which is essential for economic development and improving the quality of life for Liberians.
Agriculture, a cornerstone of Liberia’s economy, accounts for 8% of AfDB’s portfolio. The focus is on boosting food security and rural development through initiatives that enhance productivity and strengthen value chains. This sector is crucial for ensuring that growth is inclusive and benefits rural communities.
Darkortey highlighted the importance of enhancing Liberia’s fiscal capacity to support sustainable development. He called on the Liberia Revenue Authority and other entities to innovate and implement strategies to increase financial resources. Strengthening fiscal capacity will help reduce debt vulnerabilities and expand the fiscal space needed for development initiatives.
A key aspect of the discussions was the Youth Entrepreneurship Investment Bank (YEIB), which aims to empower youth and women by fostering a vibrant private sector. This initiative seeks to support SME growth, making youth-led businesses more viable and increasing access to financing, thereby addressing unemployment and economic fragility.
Infrastructure projects such as the Liberty Corridor and Coastal Highway are also part of AfDB’s support under President Boakai’s ARREST Agenda. These projects, with an investment of $3-$5 billion, are expected to significantly improve infrastructure, facilitate trade, and boost investment, thereby enhancing access to essential services across the country.
AfDB’s mission underscores its unwavering commitment to Liberia’s development as it embarks on a new era of growth under President Boakai’s leadership. Darkortey’s visit reinforced AfDB’s strategic role in supporting Liberia’s national priorities, setting the stage for future collaborations.
This mission reflects the AfDB’s broader objective of fostering sustainable and inclusive growth across Africa. By aligning its initiatives with Liberia’s goals, AfDB ensures that its support contributes to the continent’s overall development strategy, promoting prosperity and resilience.
Darkortey’s engagement with Liberia’s leadership highlights the bank’s dedication to making a tangible impact, paving the way for a more prosperous future for all Liberians. This commitment is crucial as Liberia moves forward, capitalizing on strategic investments to drive growth and improve the livelihoods of its citizens.
