ARREST Agenda Gets Big Boost As African Development Bank Announces Over US$3.5B For Liberia-Guinea Liberty Corridor

NAIROBI, KENYA – Dr. Akinwumi A. Adesina, President of the African Development Bank (AfDB) says the Bank is raising between 3.5 to 5 billion dollars for the Liberia-Republic of Guinea Liberty Corridor.

Among a number of other African-related initiatives, Dr. Adesina made the startling announcement that the Bank is “mobilizing $3.5 billion to $5 billion towards the development of the Liberty corridor to link Liberia and Guinea” in his opening speech at the Bank’s 2024 Annual Meeting, held in Nairobi, Kenya. The speech was delivered on Wednesday, May 29, 2024 at the Kenyatta International Conference Center.

Dr. Adesina presented a number of other initiatives, including the AfDB’s $3.2 billion fundraising for the East Africa Standard Gauge Railway, which will connect Tanzania, the Democratic Republic of the Congo, and Burundi; $500 million for the development of the Lobito corridor, which will connect Zambia, Angola, and the DRC; and $375 million to finance the railway that will connect Nigeria to the Niger Republic.

The Bank’s collaboration with Africa Investment Forum partners to secure a $15.6 billion investment commitment for the advancement of the Lagos-Abidjan corridor was another.
The African Development organization Group is in extremely good financial form and is prepared to contribute to significant development projects on the Continent, the AfDB Leader said, praising his organization as an impact-driven and solution-driven bank.
Noting that “African economies are showing resilience, despite the challenges posed by climate change, geopolitical tensions, global inflation and rising debt, among others,” he predicted that Africa’s real GDP growth will increase from 3.1% in 2023 to 3.7% in 2024 and up to 4.3% in 2025.

The bank’s fundraising efforts for the Liberty Corridor Project will have a significant effect on the group of investors spearheading the project, which includes HPX and Guma Group.
The Project calls for building a multi-user railway line to link HPX’s iron ore mining property in Guinea with Buchanan Port. The Buchanan port facilities will also be expanded as part of the project.
It is anticipated that the Project will give Liberians thousands of well-paying jobs during and after the building phase. The Project is an integrated rail route for fiber optic development, energy, telecommunications, and deep seaport.

When this project is finished, it is projected that the government of Liberia will receive a significant amount of tax money. It is anticipated that this multiuser infrastructure will herald regional trade between landlocked Mali, Guinea, and Liberia.
The declaration provides President Boakai’s Infrastructural Pillar of the ARREST Agenda with a significant boost.

Members of the Liberian delegation met with senior representatives of important multilateral financial institutions, including the Arab Bank for Economic Development (BADEA), the Organization for Petroleum Exporting Countries (OPEC) Fund for International Development, and the Kuwati Fund for Economic Development, on the fringes of the AfDB Annual Meeting. Mr. Robert Gumede is the Chairman and CEO of the GUMA Group.
The Gbarnga-Salayea-Voinjama Road Pavement Project finance was discussed in rough form during the talks with these three international financial institutions.
Additionally, there were bilateral discussions with representatives of the US Treasury Department.

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