The US Government's Millennium Challenge Corporation (MCC) and the Government of Liberia have signed a new US$257M partnership agreement that includes plans to modernise Mt. Coffee hydroelectric plant.
The five-year compact combines infrastructure investments with policy and institutional reforms designed to modernise the country's power sector and strengthen its road maintenance systems. MCC's investment complements the US Government's efforts to help Liberia recover from the Ebola outbreak, significantly enhancing the US Government's Power Africa engagement in Liberia.
"MCC is pleased to provide funding for Liberia that strengthens the foundation for private investment and complements other US Government efforts at this critical time," MCC's CEO Dana J Hyde said. "The United States and Liberia share a deep and special relationship, and this investment in energy security will help change the lives of the Liberian people for the better."
Currently, only 2% of the Liberia population has access to the electric grid, and 84% of Liberians live on less than US$1.25 a day. To help address these challenges, the compact includes funding for rehabilitation of the Mt. Coffee hydroelectric plant, development of a training centre for technicians in the electricity sector, and support for the creation of an independent energy sector regulator. Over the next 20 years, the compact is expected to benefit at least 460,000 people.
