KFAED supports Liberia road projects to boost connectivity

KUWAIT: The Kuwait Fund for Arab Economic Development (KFAED) participated on Wednesday in the inauguration of the Banga-Slaye road development project in Liberia and the laying of the foundation stone for the Salaye-Konia road project, reaffirming its commitment to supporting infrastructure development and sustainable economic growth in partner countries. In a statement, KFAED said the projects reflect its continued efforts to finance initiatives that improve connectivity, strengthen communities and contribute to long-term social and economic development.

Liberian President Joseph Nyuma Boakai said the investments represent more than just road construction, creating opportunities for farmers, traders, students, businesses and families. “These projects connect communities, expand economic opportunities and improve the quality of life for the Liberian people,” he said, expressing appreciation to KFAED for its longstanding partnership and confidence in Liberia. KFAED Director of Operations Thamer Al-Failakawi said the project marks an important milestone in cooperation between the Fund, the Liberian government and participating financial institutions.

He emphasized that the initiative highlights the importance of development partnerships in implementing projects that directly benefit communities and support sustainable economic and social progress. Al-Failakawi said the project represents the outcome of joint efforts and expressed KFAED’s commitment to continuing cooperation with Liberia and its partners to complete the remaining sections of the vital transport corridor. The inauguration ceremony was attended by President Boakai, several ministers and senior government officials, as well as representatives of the participating financing institutions.

The 81-kilometer Banga-Slaye road project aims to strengthen Liberia’s road network, reduce travel time and transportation costs, and improve access to markets and essential services. The project is expected to contribute to economic growth and improve living conditions for communities along the route. KFAED contributed to financing the project through a loan agreement signed in 2016 valued at KD 5 million (approximately $16 million), as part of a joint financing arrangement with the Government of Liberia, the Arab Bank for Economic Development in Africa, the Saudi Fund for Development, the OPEC Fund for International Development and the Abu Dhabi Fund for Development.

The ceremony also included the laying of the foundation stone for the 50-kilometer Salaye-Konia road project, the second phase of the transport corridor. KFAED is contributing KD 4 million (approximately $12.87 million) in financing for the project. The Salaye-Konia road project will complement the Banga-Slaye route by improving regional connectivity, supporting transportation and trade within Liberia, and strengthening links with neighboring countries. KFAED noted that its cooperation with Liberia dates back to 1978, when the Fund began supporting the country’s transport sector through road development projects. Since then, KFAED has provided four loans and one technical assistance grant to support development initiatives in Liberia. — KUNA