MONROVIA, Nov 12 (LINA) -The African Development Bank (AfDB) has backed Liberia with what is intended to be a far-reaching renewable energy investment of $50 million from the Climate Investment Funds (CIF) Program.
The program is meant to scale up renewable energy in low income countries such as Liberia, a statement from the AfDB disclosed.
Endorsement of the Liberian investment plan took place during the just-concluded week-long CIF governing body meetings and is designed to help increase energy access through off-grid electricity schemes based on small hydro, solar PV, biomass, and hybrid systems.
Liberia will use these resources to bolster its intention to reach a 35 percent electrification rate by 2030, a critical step forward in a country where less than 2 percent of Liberian citizens have
electricity, the statement added.
As a first step, the country will use a $1.5 million SREP project preparation grant to develop an AfDB-supported project entitled Renewable Energy for Electrification in Eastern Liberia.
It will be carried out in two financing phases, the first being implementing partners relying more on public investment to help mitigate risks associated with country conditions.
Phase II will be tailored to ensure that the private sector will take the lead with development partners’ support to scale up the program based on the results of Phase I.
Established in 2008 as a fast-tracked climate financing instrument, the $7.6 billion CIF provides developing countries with grants, concessional loans, risk mitigation instruments, and equity that
leverage significant financing from the private sector, MDBs and other sources.