EIB Studies Loan to Revive 64-Megawatt Hydro Plant in Liberia

Sept. 25 (Bloomberg) -- The European Investment Bank is considering a 50 million-euro ($65 million) loan for Liberia Electricity Corp. to restore a hydropower plant.

The 180 million-euro project in Montserrado County includes rebuilding power lines to carry electricity from the 64-megawatt Mount Coffee plant on the St. Paul River to the capital Monrovia, the EIB said today in a statement on its website.

The West African nation is seeking to rebuild infrastructure destroyed in civil wars between 1989 and 2003. The country currently produces 23 megawatts of electricity for a population of 4.1 million people, one of the lowest per capita rates in the world, according to Liberia’s finance ministry.

The project will also power neighboring countries at a later stage when regional links are installed, the European Union’s lending arm said in the statement. Liberia’s finance ministry said Sept. 7 the government was in talks with the EIB, Germany and Norway about the project.

To contact the reporter responsible for this story: Sally Bakewell in London at Sbakewell1@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net