MONROVIA, LIBERIA- The African Development Bank (AfDB) and the Liberian Government have signed a 16.7 million loan agreement to strengthen fiscal sustainability.

The money is also intended to improve Liberia’s mining sector governance and to support economic reforms.

The agreement is the first phase of a two-year program aimed at sustaining the country’s economic governance and enhancing domestic revenue, among others.

Speaking at the signing event, Finance Minister Augustine Ngafuan termed the agreement a milestone in the partnership between AfDB and Liberia.

Minister Ngafuan extolled the AfDB for its continued support of the development drive of Liberia.

Meanwhile, African Development Bank Country Manager, Rees Mwa-sambili, says the agreement is an important step in the Bank’s partnership with the Liberian Government.

Mr. Mwa-sambili noted that the deal will strengthen public institutions and improve accountability in reforming key sectors.

He said the reforms are vital to the creation of a fiscal space required for the Liberian government to deliver critical public services with transparency and accountability.

Mr. Mwa-sambili indicated that the agreement reinforced the AfDB commitment to support Liberia’s economic transformation.