GOL Signs €25 Million Financing Agreement With German Government

The Government of Liberia through the Ministry of Finance and Development Planning (MFDP) has signed a €25,000,000 (twenty five million euros) financing agreement with the Government of the Federal Republic of Germany intended to contribute to the West African Nation’s social and economic development.

The signing ceremony took placed at the Ministry of Finance and Development Planning on Broad Street in Monrovia on Wednesday, January 13, 2016.

Representing the Government of Liberia during the signing ceremony, Acting Finance and Development Planning Minister, Dr. James F. Kollie said the German’s assistance of €25million will go a long way in supporting Liberia’s infrastructures energy will bring about increased economic growth and development.

According to him, out of the €25 million, €10 million will be used to support the rehabilitation work of the Mount Coffee Hydro Power Plant; while €10 million will help enhance advancement of the West African Power Pool’s transmission distribution activities which will help 4 Mano River Union countries of Liberia, Guinea, Sierra Leone and Ivory Coast to trade power, thus reducing the cost of power and improving economic activities. In addition, he said €5 million will support the nations post Ebola recovery program.

Dr. Kollie intoned that cheap energy bring value which leads to job creation, economic transformation and competitive advantages. The Acting MFDP Minister appreciated the Government of the Federal Republic of Germany for its continuous support towards the Government and People of the Republic of Liberia.

For his part, Germany’s Ambassador accredited to Liberia, Mr. Ralph Timmermann said he was very happy with the institutional partnership that exists between the Government of the Federal Republic of Germany and the Government of Liberia as well as the level of development already achieved and anticipated.

He said the fruit of the partnership and friendship between the two nations will be again realized at the end of this year (2016) if all goes well, when the Mount Coffee Hydro shall have come online to increase employments and investment, among others.

“That will be great blessing for the people of Liberia and at the very good of the economy as investors will want to invest in the country,” he noted.

According to Ambassador Timmermann, the signing of the agreement is being realized following Liberia’s resilience against the Ebola Virus Disease (EVD) and a visit to Liberia by officials of the Germany’s Government to ascertain the progress, results and challenges.

He assured the government of Liberia of the Germany’s commitment to the post Ebola recovery of the country-strengthening of the health and energy sectors as well as infrastructural development.

Ambassador Timmermann assured that his government will continue to support the energy and infrastructure sectors which will benefit the Liberian people.