Government and the African Development Bank (AfDB) on Wednesday, June 17, 2026, officially signed a US$16.7 million loan agreement.
The Agreement is to boost fiscal sustainability and mining sector governance.
The signing marks an important step in the ongoing partnership between Liberia and the AfDB that focuses on strengthening governance, revitalizing the economy, and ensuring inclusive and sustainable growth.
The Agreement represents the first phase of a two-year programmatic approach, underscoring the Bank’s sustained commitment to support the ARREST Agenda for Inclusive Development (AAID).
At the signing ceremony in Monrovia, Finance and Development Planning Minister, Augustine Kpehe Ngafuan, representing the government.
Ngafuan expressed appreciation for the Bank’s continued support.
He described the Agreement as another strong testament to the enduring partnership between Liberia and the AfDB.
Ngafuan acknowledged the Bank’s longstanding role in Liberia’s development, particularly in post-war reconstruction and infrastructure development, including major road connectivity projects like the signing of an US$18 million agreement to improve domestic resource mobilization as part of efforts to support fiscal reforms.
He also stressed ongoing collaboration with the Bank in key sectors such as infrastructure development, including road and costal highway projects, domestic resource mobilization initiatives, debt management support through regional facilities, and private sector development through non-sovereign financing windows.
Some initiatives the Bank has supported, included the Youth Entrepreneurship Investment Bank (YEIB), which is expected to support up to 30,000 youth-led businesses and generate over 100,000 jobs, and the Special Agricultural Processing Zones to advance agricultural transformation and value addition.
“This program comes at a time as we intensify efforts to strengthen economic governance and maximize national revenue, particularly from the mining sector. Our goal is to ensure that our natural resources and economic potential translates into meaningful improvements in the lives of our citizens.”
Ngafuan also conveyed appreciation on behalf of President Joseph Nyuma Boakai.
He reaffirmed the President’s commitment to implement reforms that will drive sustainable development and economic resilience.
AfDB Country Manager, Rees Mwasambili, who represented the Bank at the signing ceremony, said, the program will support practical and high-impact reforms, included enhancing domestic revenue mobilization, strengthen public debt management, improve public procurement systems, reinforce anti-corruption measures and transparency in the mining sector.
“These reforms are essential to create the fiscal space required for the government to deliver public services in a transparent and accountable manner.”
Mr. Mwasambili further highlighted the importance of collaboration with development partners to ensure successful implementation and tangible result for the Liberian people.
Macpherson C. Marbiah writes.
