A multimillion-dollar credit from the World Bank’s anti-poverty arm will be tapped to build roads and cut congestion in the Liberian capital of Monrovia.
The World Bank approved Thursday (Sept. 20) a $50 million credit to support road rehabilitation works in Monrovia. The road work is expected to reduce traffic in the city center, cutting transport time and costs.
The money will also be used for the development of the Liberia Multimodal Transport Plan. This will help create “a modern, effective public transport system network for major urban areas,” according to a press release.
Infrastructure is among the main components of Liberia’s Poverty Reduction Strategy, which provides the basis for the World Bank’s engagement with the country. Other sectors in the strategy include security, economic revitalization, governance and rule of law.
The African Development Bank also signed a $4.5 million loan agreement with Liberia this week. The money is meant for the country’s Public Financial Management Program, but the bank’s investments in the country focus on infrastructure, according to a news release.
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