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The World Bank has approved International Development Association (IDA)’s US$60mn credit that would help Liberia extend affordable electricity services to businesses and households
The money is meant to aid the Liberia Accelerated Electricity Expansion Project (LACEEP), which aims to enhance the West African nation’s Agenda for Transformation, said IDA.
The new funds will allow the LACEEP to connect 36,000 households and businesses located in greater Monrovia north-west and in Bomi and Grape Cape Mount counties, with commercial and industrial customers accounting for 16 per cent of new connections.
In addition, the LACEEP is also expected to stabilise and rebuild Liberia’s economy, which was crippled after the Ebola virus hit the nation last year. Expanding access to power is essential to address the health and education sectors, water treatment plants and vital faciliites, added IDA.
The initial financing for the LACEEP was approved by the World Bank’s Board of Directors on 30 May 2013.