Propelling Growth: African Development Bank reaffirms support for Liberia under new government

African Development Bank (www.AfDB.org) Executive Director Rufus N. Darkortey has concluded a five-day working visit to Liberia, where he held high-level discussions with major stakeholders, including President Joseph Nyuma Boakai.

Darkortey, who represents Liberia, The Gambia, Ghana, Sudan, and Sierra Leone at the Bank, also met with Liberian Vice President Jeremiah Kpan Koung, Speaker of Parliament Jonathan Fonati Koffa, and several ministers and agency heads.

The July 8-12 mission, Darkortey’s first official engagement with Liberia since President Boakai’s election, centered on aligning the Bank's support with Liberia's development priorities, including fostering sustainable and inclusive growth.

President Boakai commended the African Development Bank Group under Dr. Akinwumi Adesina’s leadership for its significant support. He pledged to implement the necessary reforms to accelerate development in the West African country. Key focus areas of discussion included infrastructure development, SME-led private sector growth, bolstering domestic resource mobilization, and agricultural productivity.

Darkortey highlighted the Bank’s current portfolio in Liberia, with 56% of investments directed towards the transport sector, 28% to energy, and 8% to agriculture. Notable projects include the Fish Town-Harper highway and a cross-border high-voltage transmission line that will interconnect Liberia with Cote d’Ivoire, Sierra Leone, and Guinea.

The Executive Director reaffirmed the Bank’s commitment to supporting Liberia's development under the leadership of President Boakai, who assumed office in January 2024. Discussions also focused on the Bank’s Youth Entrepreneurship Investment Bank initiative. In 2023, the Bank approved around $16 million to support over 30,000 youth-led micro, small, and medium enterprises in Liberia’s burgeoning agribusiness and allied sectors.

At the Bank’s 2024 Annual Meetings in Nairobi, Kenya, in May, Adesina announced plans to mobilize $3.5 billion to $5 billion for the Liberty corridor project, involving the construction of a world-class rail system connecting Liberia’s deepwater Didia port to Guinea. This aligns with President Boakai's ARREST Agenda, a national development plan, focusing on agriculture, roads, rule of law, education, sanitation, and tourism to promote inclusive development.

The African Development Bank has been a long-time supporter not only of Liberia but of the Mano River Union, which is seen as a conduit to develop the region’s agricultural potential, create jobs for youth unemployment and tackle fragility.

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