The Liberia Senate through its committee on Ways, Means & Finance has recommended the ratification contract for the rehabilitation of the Mount Coffee Hydro Dam.

The contract was being signed between the Government of Liberia and the European Investment Bank in December 2012.

The decision of the Senate committee follows a request made by President Ellen Johnson-Sirleaf in which she urged the Senate to ratify the agreement. The purpose of the contract is the reconstruction of 80 megawatt hydro power plant and 2-66 kV, 25 km transmission lines from the plant to Monrovia and 6kv sub-station.

President Sirleaf in her communication to the Senate said it is prudent for that august body to have the agreement approved which, she believes, would enhance the country's development agenda.

The value of the contract is in the amount of 50 million Euros and its interest rate is 1.43 percent annually with the pay-back period of 20 years.

The Senate Committee noted that considering the importance of electricity to the country, they had no doubt that approving the agreement is in the best interest of the country following the absence of electricity for over 23 years.