MONROVIA, LIBERIA-The Liberia Government and the African Development Bank (AfDB) have signed an agreement of over three million United States Dollars grant.
According to a recent release issued, the grant will finance the upgrade of the payment infrastructure and system of the Central Bank of Liberia (CBL).
The grant will also strengthen the CBL’s primary data center and recovery sites.
The release said the effort goes towards the payment system in Liberia for increased efficiency, fostering growth and innovation, and preparing the country for regional integration.
Meanwhile, the CBL Executive Governor, Aloysius Tarlue, thanked the African Development Bank for its support in ensuring the project comes to fruition.
At the same time, Finance Minister Samuel Tweah said the grant agreement shows that Liberia is getting closer to synchronizing all its payment systems.
Minister Tweah said:” It is another milestone for financial inclusion by mainstreaming ordinary Liberians into the payment switch of the country”.
He stressed that the system will make payment for goods and services easier, especially for Liberians in the leeward counties.
Minister Tweah said that the Liberian Government wants money to move through this system, which has benefits for the macro-economic system of the country.
Finance Minister Samuel Tweah spoke on Thursday, May 19, 2023, during the signing of an agreement between the Liberian Government and the African Development Bank of 3.872 million US Dollars.