spot_imgspot_img
Thursday, June 20, 2024

IFC DELEGATION ANNOUNCES SCATEC SOLAR ENERGY PROJECT FOR LIBERIA

Date:

MONROVIA, (VP’S OFFICE) 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.

The delegation according to the Release, 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 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 to 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 strengthen 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, Vice President 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 5 million and 50 million United States dollars to businesses in the private sector.

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

LATEST DEVELOPMENT

THE SENATE’S EXTRAVAGANCE AMID ECONOMIC DESPAIR

The recent Senate retreat in Buchanan, Grand Bassa County,...

LIBERIA’S LEGAL SYSTEM UNDER SIEGE: THE UNPUNISHED CRIMES OF MARIA LUYKEN

In October 2020, the Criminal Court ‘B’ at the...

COMMUNICATIONS MISHAP: A SIGNIFICANT EMBARRASSMENT TO THE PRESIDENCY

The recent debacle surrounding the Unity Party government's conflicting...

COMMENTARY

NO, SPEAKER KOFFA, I DISAGREE WITH THE DEFENSE OF LAWMAKERS

By Wondah L. Jah In a recent public statement, Grand...

COMMEMORATING THE 80TH ANNIVERSARY OF D-DAY: A DEFINING MOMENT IN HISTORY

Eighty years ago, on June 6, 1944, the course...

THERE SHOULD BE NO BIG DEAL WHEN A GOVERNMENT DOES WHAT IT WAS ELECTED FOR…

A Patriot's Diary  With Ekena Nyankun Juahgbe-Droh Wesley  President Joseph Boakai's...

LATEST NEWS

Share post:

EXCLUSIVE INTERVIEW

OPINION

ELEVATING THE AG BIBLE COLLEGE TO A UNIVERSITY: A MILESTONE ACHIEVEMENT

By Jacob N.B. Parley After many years of successful preaching...

THE DILEMMA OF PRESIDENTIAL SUPREMACY IN LIBERIA: EXAMINING THE BALANCE OF POWER

By Dr. Clarence R. Pearson, Sr. Superior presidency is the...

LACK OF TRANSPARENCY IN UP-LED GOVERNMENT’S DEAL RAISES SERIOUS CONCERNS

In a shocking and controversial move, the Unity Party...

THE PERILS OF PRAISE SINGING: HOW JOURNALISTIC INTEGRITY IS ESSENTIAL FOR ACCOUNTABILITY IN LIBERIA

Journalists play a crucial role in holding public officials...

THE GALLERY

spot_imgspot_img

MORE ARTICLES

spot_imgspot_img

MORE NEWS

LATEST DEVELOPMENT NEWS

LATEST CRIME NEWS

Share via
Copy link