The Central Bank of Liberia (CBL) is set to receive a grant of over three million US Dollars from the African Development Bank (AfDB) after the Liberia Government and AfDB signed an agreement to that effect.
The grant will facilitate the upgrade of the CBL’s payment infrastructure and system, while also bolstering its primary data center and recovery sites.
The move is aimed at increasing efficiency, fostering growth and innovation, and preparing the country for regional integration.
The CBL Executive Governor expressed his gratitude to AfDB for its support, while the Finance Minister highlighted the grant’s significance in mainstreaming ordinary Liberians into the payment switch of the country, particularly those in the leeward counties.
The initiative will make payment for goods and services more accessible, and the Liberian Government is keen on ensuring that money moves through the system as it has macro-economic benefits for the country.
The agreement was signed on Thursday, May 19, 2023, for a total grant of 3.872 million US Dollars.