MONROVIA, Montserrado – The Liberian government has signed a new Economic Cooperation Agreement with the European Union for direct budgetary support of €27 million (US$31.8 million).

The signing of the agreement took place last week in Brussels while President George Weah was on an official visit to the European Union to participate in this year’s European Development Days summit. The amount is meant to form part of revenues to subsidize the budget for the 2018/2019 fiscal year.

An Executive Mansion release said the funds will be made available shortly following the signing of the agreement.

“It is the first of many contributions to be made to Liberia under the Moving Liberia Forward Europe-Liberia Partnership Agreement,” the release noted.

Finance Minister Samuel Tweah signed on behalf of the government, while the E.U. commissioner for international cooperation and development, Neven Mimica, signed on behalf of the European Union.

Meanwhile, Weah has assured the E.U. and other international partners that their investments in Liberia will be accounted for and that projects will be delivered for the benefit of citizens.

The E.U. is among the country’s bilateral partners that have continued to contribute to its peace, security and overall development and reconstruction.

During Weah’s trip, the Belgian regent, King Philippe Léopold Louis Marie, also assured the Liberian leader of his country’s support to Liberia’s development agenda. According to a release from the Executive Mansion, the king made special emphasis on health, education, and agriculture.

“He said Belgium private sector will also be nudged into investing in several sectors of the Liberian economy,” the release said.

The release noted that the Liberian leader also thanked the king for the warm reception accorded the Liberian delegation throughout the visit to Brussels and urged him to lend his influence in promoting Liberia’s Pro-Poor Agenda.

Featured photo courtesy of Executive Mansion