World Bank to fund Liberia’s climate project with $40 million

The World Bank will fund a climate change project to the tune of $ 40 million. According to President George Weah, the project is being implemented by the Ministry of Commerce and Industry and is also crucial for job creation as well as the economic empowerment of the Liberian people.

“I believe this support continues to be given more frequently and in greater magnitudes, because my administration continues to exhibit fiscal discipline and financial prudence in the implementation of these projects,” the President stressed.

He added that the project also incorporates features that seek to address gaps that have been identified between men and women with respect to their participation in economic activities in the Liberian economy.

The Liberian head of state terms the project an enabler in closing gender gaps by measuring, among other things, the number of women-led Small and Medium Enterprises (SMEs) who will get trained under the program; the number of women-led SMEs that will get a loan through the project; and the number of National Single Window users who are women.

President Weah emphasized that the Project will also assist with the facilitation of private investment, trade, and access to finance, support activities organized under three complementary components, such as Investment Climate and Trade; SME Access to Markets and Finance, and Digital Financial Services infrastructure.

He said there would also be a fourth component for project management: monitoring and evaluation, as well as contingency emergency response.

The Chief Executive added: “With the procurement of a new digital platform for the Liberia Business Registry under this Project, I am also informed that the challenges faced with the registration of businesses and renewal of certificates will soon be over, as new businesses will now be able to be registered within a matter of hours, something which currently takes weeks to complete.”

President Weah stressed that the project should considerably enhance the ease-of-doing-business index for Liberia, indicating that he was also informed that the LIFT-P Project would support the National Single Window and the provision of a National Electronic Payment Switch.

“These new trading platforms will allow you to transact your business online, even if you are in your village or out of this country, and make instant payments between banks,” he said.

GAROWE ONLINE