World Bank and Liberia Reconstruction Trust Fund (LRTF) finance rest of Monrovia to Buchanan road corridor
The grant is needed to close a financing gap and fully fund the rehabilitation of the remainder of the Monrovia - Buchanan road corridor. The funds are derived from two sources: $20mn is provided by the World Bank (through a specific Crisis Response Window set up to respond to the global financial crisis), and $27mn by the Liberia Reconstruction Trust Fund (LRTF).
The LRTF, which is a multi-donor trust fund managed by the World Bank, currently gets its funds from the Governments of Germany, Sweden, Ireland, the United Kingdom, and Norway, as well as the World Bank. Also, the European Commission will soon start contributing to the fund.
The original URIRP, which was approved last year, provided funds from LRTF for the rehabilitation of the 15km Cotton Tree - Bokay Town section.
“The additional financing will fund the remaining 66.5km section between Bokay Town and Buchanan. It will take about two years to complete that section, but once finished, it will be the completion of improvement on 165km of roads stretching from the port in Monrovia to the port in Buchanan,” said Dr. Ohene Owusu Nyanin, the World Bank Country Manager for Liberia.
