World Bank moves to revitalize Liberia's agricultural sector
2012-07-20 11:40:18
The government of Liberia and the World Bank have signed an agreement under which the bank will make available a 15 million U.S. dollars credit to the government to support the Smallholder Tree Crop Revitalization Support Project (STCRSP) for farmers across the African country.
A statement reaching Xinhua from the finance ministry Thursday night said the deal is to be submitted to the National Legislature for ratification before taking effect.
The statement said the deal was signed by Finance Minister Amara Konneh for the Liberian government and World Bank Group Country Manager for Liberia Ingura Dobraja on on Wednesday.
If approved by the National Legislature, the loan has a repayment timeline of 40 years with an additional 10 years grace period.
It is expected to help poor Liberian smallholder farmers in cocoa, coffee, rubber and other seed and food crops and provide farmers access to finance to rehabilitate their farms, using new technologies and access new markets.
The project will be implemented by the ministry of agriculture which has already put in place technological centers in some counties to ensure that the rightful crops are planted.
The statement quoted Minister Konneh as saying that the project will help the government revitalize the agriculture sector.
On her part, World Bank Group Manager Dobraja observed that the project would also support the ministry of agriculture in developing a future long-term program to restore a vibrant tree crop sector in Liberia and generate income and employment opportunities in rural areas.