The Republic of Liberia
NAIROBI, KENYA - The President of the African Development Bank (AfDB), Dr. Akinwumi A. Adesina, announced that the Bank is mobilizing $3.5 to $5 billion for the Liberty Corridor linking Liberia and the Republic of Guinea. This announcement was made during his opening speech at the Bank’s 2024 Annual Meeting held in Nairobi, Kenya.
Dr. Adesina stated, “mobilizing $3.5 billion to $5 billion towards the development of the Liberty corridor to link Liberia and Guinea.” His speech was delivered on Wednesday, May 29, 2024, at the Kenyatta International Conference Center.
Other initiatives outlined by Dr. Adesina included raising $3.2 billion by AfDB for the East Africa standard gauge railway connecting Tanzania, Democratic Republic of Congo, and Burundi; providing $500 million towards developing the Lobito corridor to link Zambia, Angola, and DRC; and mobilizing $375 million for financing a railway linking Nigeria to Niger Republic.
Additionally, AfDB is engaging with partners from the Africa Investment Forum to mobilize a $15.6 billion investment commitment towards developing the Lagos-Abidjan corridor.
Dr. Adesina emphasized that AfDB is in strong financial shape and ready to contribute to major development projects on the continent. He projected that Africa’s real GDP growth would rise from 3.1% in 2023 to 3.7% in 2024 and up to 4.3% in 2025, noting that “African economies are showing resilience despite challenges posed by climate change, geopolitical tensions, global inflation and rising debt.”
The resources being raised for the Liberty Corridor Project will significantly impact a consortium of investors led by HPX and Guma Group who are leading this undertaking.
The project involves constructing a multi-user railway line connecting Buchanan Port with HPX’s iron ore mining concession in Guinea and expanding port facilities in Buchanan. It is expected to create thousands of high-paying jobs for Liberians during and after construction phases.
The project includes integrated rail with deep seaport facilities along with energy, telecommunications, and fiber optic development corridors.
It is anticipated that once completed, this project will generate tax revenue for Liberia's government as it serves regional trade between Liberia, Guinea, and land-locked Mali.
This announcement supports President Boakai’s Infrastructural Pillar of the ARREST Agenda.
On the margins of AfDB Annual Meeting members from Liberian Delegation engaged with Chairman & CEO Robert Gumede from GUMA Group alongside senior representatives from key multilateral financial institutions such as Kuwaiti Fund for Economic Development; Organization Petroleum Exporting Countries (OPEC) Fund International Development; Arab Bank Economic Development (BADEA).
Preliminary meetings discussed financing Gbarnga-Salayea-Voinjama Road Pavement Project while bilateral talks were also held with officials United States Treasury Department.
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