Nairobi, Kenya - Liberia’s Minister of Finance and Development Planning has challenged the African Development Bank (AfDB) to improve its financing model.
In his opening remarks at ongoing Annual Meetings of the Bank in Kenya, Minister Boima Kamara said increasing ADF 17 to 25 billion will spur growth in special sectors in member states.
He said “while these ADF allocations are contributing to priority sectors in country, Liberia believes that the financing gaps in infrastructure and agriculture investment to move Africa into middle income level remain significantly wide.”
Minister Kamara averred that the investment capital demand for Africa’s transformation cannot be addressed with eight (8) billion. Minister Kamara then joined other countries calling for ADF capital mobilization of 25 billion to target infrastructure, agriculture, digitalization and domestic resources mobilization.
He on behalf of Liberia recommended that reforms in the Bank should consider giving priority to domestic resources mobilization by member states for sustainability and innovation.
Minister Kamara suggested at the continental event that AfDB encourages African leaders to signature special appeal letter for ADF replenishment to attract more investment into the Fund.
Meanwhile, Finance and Development Planning Minister Kamara has stated his delight on Liberia being one of the pilot countries for the advancing youth entrepreneurs project, which is currently awaiting ratification by the 55th Legislature under the leadership of President Joseph Nyumah Boakai. “We appreciate the AfDB’s financing strategy targeting youth bank project across Africa”, the Minister continued.
He praised the AfDB for being increasingly supportive of Liberia’s economic recovery through transformative infrastructure (road and energy), agriculture, domestic resources mobilization and good governance projects to promote inclusive economic growth.
“Liberia currently enjoys 18 projects (12 national and 6 regional) under ADF, TSF and NTF with total portfolio of $397 million. Liberia’s portfolio is aligned with the Bank’s High Five constituting energy 28%, agriculture 8%, road infrastructure 56%, industrialize Africa 4% and improve the quality of lives of the people of Africa 4%”, the Minister concluded.