Announcement of Seven Million Four Hundred Thousand US Dollars Loan for Electric Power in Liberia on June 1, 1970

• INTERN.l\T!ONAL BANK FOR b:ECC)l\1STF?. C"Tf Oi\J ilJ'~D DEVELOPf\1ENT 1818 H STREET, N.W., WASHINGTON D. C. 20433 TELEPHONE: EXECUTIVE 3-6360 Bank Press Release No. 70/33 Subject: $7.4 million loan for electric June 1, 1970 power in Liberia A World Bank loan of $7.4 million will help to finance a project to increase the power supply in the system operated by the Public Utilities Authority of Liberia. Power demand in the Authority's service area, which includes Monrovia, the capital, and Buchanan, an important port for iron ore export6, has been grow- ing at an average annual rate of 21% in recent years. The project being assisted by th~ Bank will enable the Authority to meet power requirements until 1974 when additional new capacity will be needed. • The Public Utilities Authority (PUA) at present has a generating capacity of 66 megawatts: 34 megawatts in its Mt. Coffee hydroelectric plant and 32 MW in gas turbine and diesel units in the vicinity of Monrovia. PUA is also responsible for the operation of isolated power units throughout the country. Most of the large iron ore mining companies, which are remote from PUA 1 s system, supply their own power requirements. The project being assisted by the Bank loan is part of PUA's expansion pro- gram during 1970-74. It includes the addition of a 17-MW unit at Mt. Coffee, to- gether with some preparatory work for future units; a 15-mile transmission line; the installation of two 15-MW gas turbines; and a study of distribution require- ments. This expansion, together with a 15-MW unit already on order,will nearly double PUA's generating capacity. The project is scheduled for completion in 1973 at a total estimated cost • of $9.7 million. The Bank loan will finance imported equipment and services • /mc,re Bank P.R. No. 70/33 - Liberia-Power • - 2 - Consultants financed by the United States Agency for International Develop- ment made a study of Liberia's power requirements and of alternative means of meeting them. The Bank-financed project is based on their recommendations. The combination of gas turbines and hydroelectric power will assure a firm supply of energy during the dry season when output from Mt. Coffee is at a minimum due to low water flow. The loan will be made to the Public Utilities Authority and guaranteed by the Republic of Liberia. It will be for a term of 20 years, including 5 years of grace, with interest at 7%. - 0 - • •