Japan – On the fringes of the Tokyo International Conference on African Development (TICAD), a powerful Liberian government delegation led by Finance and Development Planning Minister Augustine Kpehe Ngafuan held what were characterized as fruitful talks with a World Bank delegation on Wednesday.
The conference, which was chaired by Mr. Maktar Diop, Managing Director of the International Finance Corporation (IFC) on behalf of the World Bank, was centered on expediting the execution of the Bank’s current projects in Liberia and increasing support for private sector investment in the nation.
Along with other top officials, the World Bank mission also included Mr. Ousmane Diagana, the World Bank’s regional vice president for Africa, and Mr. Ethiopis Tafara, the IFC’s regional vice president for Africa.
The IFC’s ambitions to expand its assistance for private sector-driven development in Liberia were the main topic of discussion. Energy, agriculture, tourism, financial services, and other vital growth areas received particular emphasis. According to officials, as part of a larger initiative to promote sustainable growth, the IFC is thinking about investing stock in a number of Liberian businesses.
Finance Minister Ngafuan informed the audience that Liberia is open for business and that the private sector would play a key role in promoting Liberia growth strategy. To unlock investments in energy, agriculture, and tourism that will raise living standards and generate jobs nationwide, collaboration with the IFC is essential.
For his part, Mr. Diop reiterated the IFC’s dedication to helping Liberia make the shift to a more robust and diversified economy. According to him, the IFC believes that Liberia’s private sector has a lot of promise. In order to improve infrastructure, provide access to financing, and establish the framework for sustained economic growth, “we wish to collaborate with the government and regional business owners.”
The World Bank’s current portfolio in Liberia, which now has net commitments of around US$1 billion, was also evaluated during the discussions. Projects span many different domains, such as governance, education, health, and infrastructure.
Both parties noted that ongoing projects were receiving more funding, which they attributed to the Liberian government’s improved performance. To get further World Bank financing for President Joseph Boakai’s ARRREST Agenda, the government’s core development framework that focuses on agriculture, roads, rule of law, education, sanitation, and tourism, they emphasized the necessity of expediting implementation even more.
Liberian government delegates to the talks included Foreign Minister Sara Beysolow Nyanti, Minister of Education Dr. Jarso Jallah, NIC Chairman Jeff Blibo, Commerce Minister Magdalene Dagoseh; Agriculture Minister Dr. J. Alexander Nuetah, Mines & Energy Minister Wilmot J. Paye, NPA Managing Director Sekou Hussein Dukuly and others.
