The Government of Liberia and the African Development Bank (AfDB) have signed a US$16.7 million loan agreement aimed at strengthening fiscal sustainability, improving governance in the mining sector, and supporting the country’s broader economic reform agenda.
The agreement, signed on Wednesday in Monrovia, represents the first phase of a two-year programmatic initiative designed to enhance economic governance, increase domestic revenue generation, and promote transparency and accountability in the management of Liberia’s natural resources.
The program forms part of the African Development Bank’s continued support to Liberia’s ARREST Agenda for Inclusive Development (AAID), the national development framework of the Boakai administration.
Speaking during the signing ceremony, , Minister of Finance and Development Planning, expressed gratitude to the African Development Bank for its longstanding partnership and commitment to Liberia’s development.
According to Minister Ngafuan, the agreement demonstrates the strong relationship between Liberia and the AfDB and reflects the Bank’s confidence in the country’s ongoing economic reform efforts.
He highlighted the Bank’s significant contributions to Liberia’s post-war reconstruction and infrastructure development, particularly in road connectivity projects and initiatives aimed at strengthening domestic resource mobilization.
The Finance Minister also pointed to ongoing collaboration between Liberia and the AfDB in several strategic sectors, including infrastructure development, debt management, domestic revenue generation, and private-sector growth.
Among the major initiatives supported by the Bank, Ngafuan cited the proposed Youth Entrepreneurship Investment Bank (YEIB), which is expected to support approximately 30,000 youth-led businesses and create more than 100,000 jobs across the country. He also referenced the Special Agricultural Processing Zones initiative, which seeks to boost agricultural productivity, value addition, and rural economic development.
“This program comes at a critical time as we intensify efforts to strengthen economic governance and maximize national revenues, particularly from the mining sector,” Minister Ngafuan said. “Our goal is to ensure that Liberia’s natural resources and economic potential translate into meaningful improvements in the lives of our citizens.”
He further conveyed appreciation on behalf of President , reaffirming the administration’s commitment to implementing reforms that promote economic resilience, transparency, and sustainable development.
Representing the African Development Bank, described the agreement as an important step toward strengthening Liberia’s fiscal management systems and enhancing governance across key sectors of the economy.
According to Mwasambili, the program will support a range of high-impact reforms, including efforts to improve domestic revenue mobilization, strengthen public debt management, modernize public procurement systems, reinforce anti-corruption measures, and increase transparency and oversight within the mining sector.
“These reforms are essential to creating the fiscal space required for the Government to deliver critical public services in a transparent and accountable manner,” Mwasambili stated.
He emphasized the importance of continued collaboration between the government, development partners, and other stakeholders to ensure the successful implementation of the reforms and the achievement of tangible benefits for the Liberian people.
The US$16.7 million agreement is expected to play a key role in supporting Liberia’s economic recovery and governance agenda while helping the government improve public financial management, strengthen institutions, and maximize the benefits of the country’s natural resources for sustainable national development.
The signing further reinforces the African Development Bank’s position as one of Liberia’s key development partners and highlights ongoing efforts to build a more resilient, transparent, and inclusive economy.
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