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The African Development Bank (AfDB), the West African Monetary Institute (WAMI), and the Central Bank of Liberia (CBL), have successfully launched the West African Monetary Zone (WAMZ) Payments System Development Project in Liberia financed through a supplementary grant of UA5 million (USD 7.6 million).
The launch from December 16-17, 2010, brings the total AfDB grant financing for the Project to UA 19 million (USD 29 million). The project aims to improve the WAMZ region’s financial sector basic infrastructure by upgrading the payment systems of four countries in the zone: The Gambia, Guinea, Sierra Leone, and Liberia.
Launching the project, CBL Executive Governor, J. Mills Jones, thanked the AfDB on behalf of the government and the people of Liberia, for providing the funding for the project and assured the Bank of the government’s full commitment to implementing the project.
Also present at the launch were the Deputy Finance Minister for Revenue, Elfrieda Tamba, representing the finance minister, the WAMI Director-General, Temitope W. Oshikoya, and senior officials from government, commercial banks, and other financial institutions.
The AfDB was represented by the Governance department’s Chief Financial Economist, Charles Muthuthi.
The International Monetary Fund (IMF), which was also represented at the Launch pledged to work closely with the AfDB, and to provide Liberia with two advisors to support the implementation of the project.