Announcement of World Bank Loans One Million Eight Hundred Thousand US Dollars to Liberia for Technical Assistance on July 10, 1975

*World Bank 1818 H Street, N.W., Washington, D.C. 20433, U.S.A. * Telephone: (202) 393-6360 Bank News Release No. 75/72 July 10, 1975 WORLD BANK LOANS $1.8 MILLION TO LIBERIA FOR TECHNICAL ASSISTANCE The World Bank has approved a $1.8 million loan to help finance a program of technical assistance to the Liberia Electricity Corporation (LEC). The loan will assist LEC to prepare for an estimated growth in power demand of about seven percent a year for the rest of the decade, especially to meet the requirements of existing and proposed iron-ore mining operations from possible hydro-power resources. It will also enable the LEC to earn a satisfactory return on investments following setbacks caused by the effect of drought on hydro- power generation and the sharply increased costs of imported fuel. Management of LEC will be strengthened by the project, future demand for power will be assessed, and a long-range development plan for LEC prepared. About 43 man-years of technical assistance will be provided under the project, including internationally-recruited experts. The World Bank loan is for a term of 20 years, including five years of grace, at 8-1/2 per cent interest per annum. Note: Money figures are expressed in US dollar equivalents.