World Bank Funds Liberia's Long-Term Poverty Reduction Strategy

Stocks and Financial Services Press Releases Thursday June 27, 2013 09:04
WASHINGTON--27 Jun--World Bank

WASHINGTON, June 26, 2013 - The World Bank Board of Directors today approved a US$10 million IDA* credit to support Liberia's long-term strategy to strengthen government's capacity and oversight, expand the economy, and to invest in more accessible and higher quality education.

The Poverty Reduction Support Credit (PRSC) will support the implementation of Liberia's Poverty Reduction Strategy (PRS) - Agenda for Transformation. The Agenda for Transformation is a long-term plan with the aim of transforming Liberia into a more prosperous and inclusive society, and to achieve middle-income country status by 2030.

"Liberia has already made strides in reducing poverty and we are delighted to support the Government's plans to continue this trend," said Inguna Dobraja, World Bank Country Manager for Liberia. "The project approved today will support increased government's transparency and foster the environment to bring much needed jobs and education to the poo.."

More specifically, the PRSC calls for steps to increase transparency and accountability throughout the government to reduce corruption; expand the economy by resolving land tenure issues and providing credit to farmers; and improving access to and the quality of education.

"By improving access to education, land and credit for rural farmers, this project will help prepare Liberian workers, especially the youth, for productive employment," said Errol George Graham Co-Task Team Leader for the project. "We are eager to support the Liberian Government as it implements this project," said Raymond Muhula, Co-Task Team Leader for the project.

* The World Bank's International Development Association (IDA), established in 1960, helps the world's poorest countries by providing loans (called "credits") and grants for projects and programs that boost economic growth, reduce poverty, and improve poor people's lives. IDA is one of the largest sources of assistance for the world's 82 poorest countries, 40 of which are in Africa. Resources from IDA bring positive change for 2.5 billion people living on less than $2 a day. Since 1960, IDA has supported development work in 108 countries. Annual commitments have increased steadily and averaged about $15 billion over the last three years, with about 50 percent of commitments going to Africa.

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