Liberia’s VP Jeremiah Koung, left, with IFC West & Central Africa Director, Madam Dahila Khalifa in Monrovia yesterday
Abubakar Hashim
As President Boakai gets tough in sanitising government operations since he came to power on 22 January 2024, a high powered delegation of the International Finance Corporation IFC, led by its West and Central Africa Director, Dahila Khalifa, met with Liberia’s Vice President, Jeremiah Koung, yesterday, at his Capitol Hill office in Monrovia.
A release from the VP’s office, sent to the NEWS, stated that the delegation “is poised to unlock the potential for private sector growth in Liberia, particularly in areas of energy and agriculture, two areas for rapid economic development and job creation”.
The IFC Director, the release went on, announced the establishment of a SCATEC Solar Energy Project for Liberia, that will produce 20 megawatts per solar plant, to address the country’s energy needs, when fully implemented in 6 months.
In the area of agriculture, that employs about 70% of Liberia’s population, the IFC intends to industrialise the sector, away from subsistent way of life, to a business model, to be operated on commercial basis.
This is to ensure value addition on agricultural products, for onward manufacturing for local consumption and exports.
In his response, VP Koung conceded that agriculture “is the main channel to unlock private sector investment opportunities in Liberia, as it employs about 70% of the population, mainly youths and women”.
On energy, the release further stated, the “VP called for Public Private Partnership PPP model, with government focusses on generation, while private companies on distribution “.
IFC is the World Bank’s private sector investment arm, that provides bankable funds to development areas, to create investment opportunities and job creation. It currently has a $17 million dollar investment portfolio in Liberia.
The visit of a high powered delegation by the IFC, signifies the dawn of a new era of a major boost of private sector led investment drive to economic development.
It also points to a start of a journey to revamp and reposition Liberia on the right track, in tandem with the Boakai ARREST manifesto.