The World Bank has approved the fund which will be used to build a mini hydropower plant to benefit around 50,000 households and businesses in Lofa County.
The Liberia Renewable Energy Access Project (LIRENAP) will also benefit an additional 100,000 people nationwide who will gain access to solar systems, according to the World Bank.
It will be implemented by the Rural and Renewable Energy Agency (RREA) of Liberia.
It will work alongside the Ministry of Lands, Mines and Energy to ensure consistency between the the projects and the policies.
Liberia is a country in West Africa
Inguna Dobraja, World Bank Liberia Country Manager said: “This project, aligned with Liberia’s development strategy Agenda for Transformation, targets electricity service expansion, reduces the cost of electricity and fosters renewable energy resources which are essential components to achieve sustainable economic transformation and poverty reduction.”
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