Liberia today received an African Development Bank Group grant of USD 46.50 million and an African Development Fund loan worth USD 6 million
Liberia, today in Arusha, Tanzania, received an African Development Bank Group grant of USD 46.50 million within the context of the Global Agriculture and Food Security Program (GAFSP) and an African Development Fund loan worth USD 6 million to finance the country’s Smallholder Agricultural Productivity Enhancement and Commercialization (SAPEC) Project.
The grant and loan agreements were signed by Liberia’s National Investment Commission chairman, Natty B. Davis, and the AfDB’s Vice-president for Sector Operations, Kamal Elkeshen.
These two agreements reflect the strong partnership between the international donor community and the Bank in supporting the government’s reconstruction process. The goal of the SAPEC project is to reduce rural poverty and household food insecurity. Its objective is to increase, on a sustainable basis, the income of smallholder farmers and rural entrepreneurs, particularly women, youths and the physically-challenged.
Apart from helping to address food security, the grant aims to boost small holder agricultural productivity, and also to enhance commercialization. This will also help increase employment opportunities and improve the livelihoods of rural farmers.
National Investment Commission Chairman expressed satisfaction with the signing and described it as a milestone. “This is the first agreement my country has signed since it launched relationships with the African Development Bank Group,” he said.
He also said he was pleased that the Bank is established in Liberia and that the loan and grant will help the government to realize its policy of taking services to rural communities.
For his part, VP ElKeshen expressed appreciation of efforts by the Liberian Government, to continue ensuring the efficient implementation of Bank-funded projects in the country. “We encourage the government to continue doing so in order to further improve the quality of the Bank Group’s portfolio of projects,” he stressed.
To date, the Bank Group’s cumulative commitments in Liberia is estimated at USD 200 million.
Media contact :
Penelope Pontet de Fouquières, firstname.lastname@example.org, tel in Arusha from 28 may to 2 June :+ 255 65811 25 49
Source: African Development Bank (AfDB) – Press Release – 29 May 2012