The Government of Kuwait through its Ambassador to Liberia, Ghanen Sulaiman Al-Head has loaned the Government of Liberia US$14m for rehabilitation of the port of Grenville in Sinoe County.
The signing ceremony which took place at the head offices of the National Port Authority (NPA), on December 7, 2012, was witnessed by representatives of the Ministries of Justice, Foreign Affairs and other Government agencies.
Following the signing ceremony which was performed by the Managing Director of the National Port Authority (NPA), Madam Matilda Parker who represented Liberia and Ambassador Al-head, Madam Parker disclosed that the challenge of her administration is to make the port of Greenville international compliance.
She said the key goal of the US$14m project is intended to rehabilitate the entire seaport of Greenville, adding that the Management of the NPA and Ambassador Al-head spent ten days together to agree on some implementing factors for the port.
The NPA boss named some of the implementing factors such as the CCTV to monitor the gates, Container Park, tug boat, pilot boats and the provision of logistics for the Greenville Port.
Madam Parker said the Government of Liberia will pay back the US$14m loan in 22 years with a grace period of four years, making it 26 years and that an interest rate of 1.5% and 5% service fees are being charged.
Madam Parker filled with smiles then expressed appreciation and gratefulness to the Government of Kuwait on behalf of the Liberian Government and indicated that the loan will help boost the economy of the southeast of Liberia.
For his part, the Kuwaiti Ambassador who disclosed that this is his first time coming to Liberia said the loan is his country's second loan to the Government of Liberia since the first one was signed in 1978.
Though the actual amount of the 1978 loan signed between the two governments was not disclosed, Ambassador Al-Head expressed happiness that his government has found a project in Liberia which is appropriate for financing.
He noted that seaports are very important to countries that have those (seaports) as these provide means for importation and exportation of goods and also help to boost the economies of these countries.