MONROVIA - The government of Liberia and the World Bank have signed an agreement to finance the Liberian section of the West Africa Power Pool (WAPP), which also involves three other countries in the region.

According to a statement reaching Xinhua on Tuesday, the agreement was signed at the World Bank Headquarters in Washington respectively by Liberia's Ambassador to the United States Jeremiah Sulunteh and Shantayanan Devarajan, acting Africa regional vice-president of the International Development Association.

At the signing ceremony, Ambassador Sulunteh said electricity is a major problem in Liberia's economic recovery process and that the project would contribute significantly to the overall reconstruction and development of Liberia.

Devarajan said the WAPP exemplifies how countries and international agencies can work together in sharing of electricity and development of infrastructure across national borders.

He said there is huge infrastructure deficit in the West African sub-region, adding that the WAPP is an example of how various countries in the region can harness their efforts to ensure infrastructural development.

On May 31, the World Bank's Board of Executive Directors approved a $144.5 million in zero interest financing and a $31.5 million grant for two projects under the WAPP to increase electricity supply and lower energy cost in Cote d'Ivoire, Liberia, Sierra Leone and Guinea, which form the Mano River Union.

In partnership with the African Development Bank, the European Investment Bank, Kreditanstalt fuer Wiederaufbau and governments of the four countries, the first project will finance the infrastructure of approximately 1,349 km linking Cote d'Ivoire, Liberia, Sierra Leone and Guinea.

The project targets sub-Saharan countries coming out of conflict and rated the poorest worldwide. The power systems of Liberia, Sierra Leone and Guinea are also in considerable need of rehabilitation and expansion.