Liberty Corridor Boost: African Development Bank Mobilizes $3.5 Billion for Economic Development

Liberty Corridor Boost: African Development Bank Mobilizes $3.5 Billion for Economic Development.

African Development Bank to Mobilize $3.5-5 Billion for Liberia-Guinea Liberty Corridor

The President of the African Development Bank (AfDB), Dr. Akinwumi A. Adesina, has announced that the Bank is mobilizing $3.5-5 billion to develop the Liberty Corridor, a project linking Liberia and the Republic of Guinea. The announcement was made during the 2024 AfDB Annual Meeting in Nairobi, Kenya.

According to Dr. Adesina, the AfDB is also mobilizing funds for other projects on the African continent, including:

• $3.2 billion for the East Africa standard gauge railway connecting Tanzania, Democratic Republic of Congo, and Burundi
• $500 million for the development of the Lobito corridor to link Zambia, Angola, and the Democratic Republic of Congo
• $375 million of the fund is for the financing of railway linking Nigeria to Niger Republic
• $15.6 billion in investment commitment for the development of the Lagos-Abidjan corridor through the Africa Investment Forum

The African Development Bank (AfDB) President, Dr. Akinwumi A. Adesina, highlighted the Bank’s strong financial position and its readiness to support major development projects on the continent. According to his projection, Africa’s real GDP growth is expected to rise from 3.1% in 2023 to 3.7% in 2024 and up to 4.3% in 2025.

The Liberty Corridor Project is expected to have a significant impact on the consortium of investors led by HPX and Guma Group, who are championing the project. The project will involve the development of a comprehensive transportation infrastructure, including the construction of a multi-user railway line that connects the Buchanan Port to HPX’s iron ore mining concession in Guinea. Additionally, the project will also involve the expansion and modernization of Port facilities in Buchanan, enabling the efficient and safe movement of goods and cargo.

This ambitious project is poised to drive economic growth and development in the region, creating thousands of high-paying jobs and generating significant revenue for the governments involved.

The project is expected to create thousands of high-paying jobs for Liberians and generate significant tax revenue for the Government of Liberia when completed. The corridor is expected to serve as a hub for regional trade between Liberia, Guinea, and land-locked Mali.

The announcement is a major boost to President Boakai’s Infrastructure Pillar of the ARREST Agenda.

On the sidelines of the AfDB Annual Meeting, members of the Liberian delegation held meetings with senior officials from key multilateral financial institutions, including the Kuwait Fund for Economic Development, OPEC Fund for International Development, and Arab Bank for Economic Development (BADEA). Bilateral talks were also held with officials from the United States Treasury Department.

The meetings focused on financing for the Gbarnga-Salayea-Voinjama Road Pavement Project, a key infrastructure development project in Liberia.