Liberia gets $500m World Bank loan
News & Trends •
liberia has obtained a 500 million world banks loan for the completion of the coastal road project within three years1 the liberia minister of information minister eugene nagbe said in his regular press conferencen monrovia thursday that government would pay a concessional interest rate of 0.5 per cent over a reasonable timeframe1 nagbe added that following the ratification of the loan agreement by the government the world bank would propose a consortium comprising it the international monetary fund imf and the african development bank afdb that will provide an additional 500 million bringing the agreement to 1 billion1 the information minister told journalists that president george weah is insistent that the loan agreement when ratified should see off the completion of the coastal road project within three years1 president weahs insistence on road construction is based on empirical and scientific evidence and data presented to him by the millennium challenge corporation mcc in its constraints analysis following an assessment of liberias development challenge he emphasized1 according to the mccs constraints analysis the lack of good road network and energy are the two most development constraints hampering the growth and development of liberia1