Liberia to Gain Boost From Germany Financial Cooperation Agreement

Liberia to Gain Boost From Germany Financial Cooperation Agreement

In an effort to continue supporting the revitalization of Liberia, Germany agreed to extend a package worth 38 million euros ($50 million) to the country, Africa Review reported.

The financial cooperation agreement was solidified Thursday, headed and signed by German ambassador Dr. Bodo Eric Werner Schaf and Liberian foreign minister Augustine Kpehe Ngafuan.

According to Africa Review, Ngafuan spoke at the signing ceremony commending and thanking Germany for their monetary and infrastructure-driven support.

“You have been one of Liberia’s strongest supporters. We can measure your bilateral support but we can also measure your support to multilateral engagements. We know that through the EU we’ve received the highest budget support thus far and we know that Germany’s contribution to that process has been significant,” he said.

The report noted that Germany has not only stood strong in their financial cooperation commitment — they’ve ensured that money which helps further Liberia’s development has been allocated across the country’s 15 counties.

In regards to the most recent financial agreement, 25 million euros will support the rehabilitation of the Mount Coffee Hydro Power Plant. Opened in 1966, an EU-Africa infrastructure trust fund memo outlines that upon reconstruction, the hydro plant will provide 64MW of energy — the same amount the power plant provided for the country prior to the civil war. Stabilizing the country’s energy capability and capacity is the Liberian government’s number one priority, the report stated.

Also from this Germany-Liberia financial agreement, 8 million euros will be directed to the Reintegration and Recovery Programme of Liberia, while 5 million euros will benefit the Ivorian Refugees Programme.

Germany has also canceled Liberia’s debt, and in 2008 at the partner’s forum in Berlin, Germany established a poverty reduction strategy program for the country. By contributing to infrastructure and programs that are most important to the Liberian government, Germany has solidified promising bilateral and friendly relations, Africa Review reported.

In addition, soon after Germany helps revitalize Liberia’s energy sector, the two countries will tackle Liberia’s governance and transport sectors.