MONROVIA, July 29, 2010 — The World Bank and the Government of Liberia today signed an agreement to provide a US$47million grant in additional financing for Liberia’s Urban and Infrastructure Rehabilitation project. The grant is needed to close a financing gap and fully fund the rehabilitation of the remainder of the Monrovia - Buchanan road corridor.
The funds are derived from two sources: US$20 million is provided by the World Bank (through a specific Crisis Response Window set up to respond to the global financial crisis), and US$27 million by the Liberia Reconstruction Trust Fund (LRTF).
The LRTF, which is a multi-donor trust fund managed by the World Bank, currently gets its funds from the Governments of Germany, Sweden, Ireland, the United Kingdom, and Norway, as well as the World Bank. Also, the European Commission will soon start contributing to the fund.
The original URIRP, which was approved last year, provided funds from LRTF for the rehabilitation of the 15-kilometer Cotton Tree - Bokay Town section, which is now nearly completed.
“The additional financing will fund the remaining 66.5-kilometer section between Bokay Town and Buchanan. It will take about two years to complete that section, but once finished, it will be the completion of improvement on 165 kilometers of roads stretching from the port in Monrovia to the port in Buchanan,” said Dr. Ohene Owusu Nyanin, the World Bank Country Manager for Liberia.