Home Economy Executive Submits US$44.6m Financial Pact To Legislature

Executive Submits US$44.6m Financial Pact To Legislature

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By: H. Richard Fallah

MONROVIA: The Executive Branch of government headed by President George Manneh Weah has submitted, through a written communication, a financing agreement between the Liberia Women Empowerment Project and International Development Association.

The agreement, which was signed on July 4, 2022, seeks to improve social and livelihood services for women and girls in targeted communities, foster positive social norms and strengthen the government`s capacity to advance women and girls empowerment.

Under the agreement, the association agreed to extend to the Republic of Liberia a grant and credit, which are deemed as concessional Financing in the following amounts: (a) an amount equivalent to thirteen million, three hundred thousand Special Drawing Rights (SDR 13,300,000-Grant); and (b) an amount equivalent to twenty million Special Drawing Rights (SDR 20,000,000 as credit).

In his communication to the Lower House, the Liberian Chief Executive expressed trust and confidence in the Legislature that they will ratify said agreement which he says, will help strengthen the capacity to advance women and girls empowerment.

The project was approved by the World Bank on June 22, 2022, and signed on July 4, 2022, by both the Government of Liberia and the World Bank, in the tone of US$44.6million.

According to the World Bank at the time, the project would in particular, empower women and girls by providing them grants to start and expand women–led businesses across various sectors and providing them the relevant training and mentoring so that they are successful in such businesses.

“This project will also support positive changes in social norms, behaviors, and girls and collective life changing decisions including access to economic opportunities, education, and health services,” the World Bank noted.

The agreement which was also designed to strengthen the capacities of relevant national institutions so that they are able to implement, and scale up programs that empower women and girls, was initially targeting about 267, 200 beneficiaries from 750 communities that will be selected based on particular needs.

At the same time, Liberia’s Finance and Development Planning Minister, Samuel D. Tweah Jr., who represented the government of Liberia during this signing ceremony, said women and girls sit at the middle of the country`s economy.

Minister Tweah noted, then, that the agreement is part of efforts to improve and support one of the key priorities in the Liberian Government’s Pro-Poor Agenda for Prosperity and Development (PAPD).

He described the project as a huge contribution which he says will empower them to address some of the key constraints and barriers that women and girls are faced in realizing their full potentials.

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