Liberia’s Minister of Finance and Development Planning has challenged the African Development Bank (AfDB) to improve its financing model.
In his opening remarks at the ongoing Annual Meetings of the Bank in Kenya, Minister Boima Kamara advocated for increasing the African Development Fund (ADF) from 17 to 25 billion, emphasizing that this boost would spur growth in special sectors across member states.
“While these ADF allocations are contributing to priority sectors in the country, Liberia believes that the financing gaps in infrastructure and agriculture investment to move Africa into middle income level remain significantly wide,” Kamara stated.
He argued that the investment capital needed for Africa’s transformation cannot be addressed with the current 8 billion allocation. Kamara joined other countries in calling for ADF capital mobilization of 25 billion to target infrastructure, agriculture, digitalization, and domestic resource mobilization.
On behalf of Liberia, Kamara recommended that reforms in the Bank should prioritize domestic resource mobilization by member states for sustainability and innovation.
At the continental event, Kamara suggested that the AfDB encourages African leaders to sign a special appeal letter for ADF replenishment to attract more investment into the Fund.
Meanwhile, Finance and Development Planning Minister Kamara expressed his delight that Liberia is one of the pilot countries for the advancing youth entrepreneurs project, which is currently awaiting ratification by the 55th Legislature under the leadership of President Joseph Nyumah Boakai. “We appreciate the AfDB’s financing strategy targeting youth bank projects across Africa,” the Minister added.
He praised the AfDB for its increasing support of Liberia’s economic recovery through transformative projects in infrastructure (road and energy), agriculture, domestic resource mobilization, and good governance aimed at promoting inclusive economic growth.
“Liberia currently enjoys 18 projects (12 national and 6 regional) under ADF, TSF, and NTF with a total portfolio of $397 million. Liberia’s portfolio is aligned with the Bank’s High Five priorities, comprising energy (28%), agriculture (8%), road infrastructure (56%), industrializing Africa (4%), and improving the quality of life for the people of Africa (4%),” the Minister concluded.
