On August 22, 2025, a significant meeting took place in Tokyo, Japan, between a high-level Liberian delegation and representatives of the World Bank during the Tokyo International Conference on African Development (TICAD). This pivotal discussion, led by Liberian Finance & Development Planning Minister Augustine Kpehe Ngafuan and IFC Managing Director Maktar Diop, centered on amplifying the World Bank’s engagement with Liberia’s private sector, particularly through increased investments by the International Finance Corporation (IFC). The Liberian delegation comprised key ministers representing crucial development sectors, including foreign affairs, education, commerce, agriculture, mines & energy, and the National Investment Commission, reflecting a comprehensive approach to economic growth and development. The World Bank’s team included prominent figures such as Ethiopis Tafara, IFC Regional Vice President for Africa, and Ousmane Diagana, World Bank Regional Vice President for Africa, signaling the institution’s commitment to the region.
The primary focus of the meeting was the IFC’s strategic plan to bolster private sector investment in Liberia across various sectors. The IFC’s proposed strategy involved direct equity participation, indicating a deeper level of engagement and commitment to fostering sustainable growth. The targeted sectors included key areas vital for Liberia’s economic transformation, such as energy, agriculture, tourism, and financial services. These sectors represent crucial drivers for job creation, revenue generation, and overall economic diversification, aligning with Liberia’s development priorities. The discussions emphasized the potential for these investments to catalyze economic activity and contribute to broader development goals.
Beyond the IFC’s specific investment plans, the delegations also reviewed the existing World Bank portfolio in Liberia, which had reached nearly US$1 billion in net commitments. This substantial investment reflects the World Bank’s ongoing commitment to supporting Liberia’s development agenda. The positive progress made in project implementation and disbursement rates was acknowledged, underscoring the effectiveness of the partnership between Liberia and the World Bank. The discussions emphasized the importance of maintaining this momentum to ensure the timely execution of projects and maximize their impact on the Liberian economy.
A crucial aspect of the deliberations revolved around Liberia’s Accelerated Reconciliation and Reconstruction Economic Support for Transformation (ARRREST) Agenda. This agenda represents Liberia’s comprehensive strategy for post-conflict recovery, economic revitalization, and sustainable development. The meeting highlighted the need to accelerate project implementation to pave the way for increased World Bank support towards this critical initiative. By effectively utilizing existing resources and demonstrating strong implementation capacity, Liberia aims to attract further World Bank funding, thereby strengthening the partnership and advancing the ARREST Agenda’s objectives.
The discussions between the Liberian and World Bank delegations signify a reinforced commitment to collaborative efforts in fostering Liberia’s economic growth. The emphasis on private sector investment, particularly through the IFC’s involvement, highlights the importance of leveraging private capital to drive development. This approach recognizes the crucial role of the private sector in creating jobs, generating revenue, and stimulating economic activity. The World Bank’s substantial existing portfolio and its willingness to further increase support contingent on successful implementation underscores the institution’s confidence in Liberia’s potential for sustainable development.
The meeting’s outcomes suggest a promising trajectory for Liberia’s economic future. The focus on key sectors like energy, agriculture, tourism, and financial services aligns with the country’s development priorities and offers significant opportunities for growth. The emphasis on accelerated project implementation and effective utilization of resources demonstrates a commitment to maximizing the impact of World Bank investments. By working in close partnership, Liberia and the World Bank aim to achieve the objectives of the ARREST Agenda and build a more prosperous and resilient future for the nation. The successful implementation of these plans and continued collaboration between the two parties will be instrumental in realizing Liberia’s development aspirations and achieving sustainable economic growth.
