MONROVIA – Days following his return from the IMF/World Bank Spring Meeting in Washington DC, the United States, where Liberia was part of countries that engaged in discussions on issues that relate to the global economy, and each nation’s representatives pushing their respective countries’ agendas to development partners, Finance and Development Planning Minister Development Planning Augustine Kpehe Ngafuan disclosed that Liberia secured the commitment of the Kuwaiti Fund for Arab Economic Development to lead a group of Arab lenders to mobilize financing for the 114km of Salayea to Voinjama as part of the pavement of the Gbarnga-to-Mendikorma Road Project.
In an exclusive interview on Prime FM’s evening program, Night-Time Heat, on last Friday evening, Minister Ngafuan said the Arab lenders— including the Saudi Fund for Development, the Arab Bank for Economic Development in Africa (BADEA), the OPEC Fund for International Development (OFID), and the Abu Dhabi Fund are those who the Kuwaiti Fund — are expected to engage in soliciting resources for the road project. He noted this commitment came during productive discussions held in Kuwait City with the Acting Executive Director General of the Kuwaiti Fund, Waleed S. Al- Bahar and team, prior to going to the IMF/World Bank Spring Meeting in Washington DC.
The Finance Minister told Liberians via the local radio station, that the commitment by the Kuwaiti Fund to lead resource mobilization for the Salayea – Voinjama leg of the highway project followed the signing of an agreement between the Liberian Government and the Kuwaiti Fund to restructure the US$6.7 million outstanding debt obligation to the Fund.
According to the Finance and Development Planning Minister, “This agreement lifts a previous suspension on disbursements related to the highway project.” The suspension on disbursement was imposed in early 2023 following the Government of Liberia’s year-on-year delinquency in repaying a US$14 million loan extended in 2016 to the National Port Authority (NPA).
Minister Ngafuan further disclosed on the show that the Kuwaiti Fund has now agreed to make previously withheld disbursements to contractors working on the Gbarnga-Salayea Highway in order to facilitate the expeditious completion of the road project.
Before the Washington trip, Min. Ngafuan had led a team of technocrats from government to Kuwait. He disclosed that during discussions in Kuwaiti City, it was agreed that priority will be given to mobilizing US$76 million for the pavement of a 50-km stretch between Konia to Voinjama, which is estimated to cost US$65 million dollars and adding an extra layer of asphalt to an 81 km section at the cost of approximately US$11 million.
Minister Ngafuan revealed in fulfillment of their previous decision to hold a meeting on the sidelines of the IMF/World Bank Spring Meeting in Washington DC, the meeting was held successfully between the Liberian Government and Arab lenders led by the Kuwaiti Fund.
It can be recalled the Government of President Joseph Nyuma Boakai few months earlier secured funding commitment from the African Development Bank for the Voinjama-Mendikorma stretch of the highway. It can be recalled that the Kuwaiti Fund led in 2016 the same consortium of Arab Lenders and mobilized resources for the Gbarnga-Salayea Highway.
