8 June 2018

Liberia - House of Representatives Ratifies Ebomaf Us$426 Loan Agreement

Monrovia — Just days after ratifying the controversial Eton Financing Agreement Loan, the House of Representatives has unanimously approved the loan financing agreement between the Government of Liberia and EBOMAF SA.

The lawmakers' decision follows a report submitted to plenary by the House Joint Committees on Ways, Means, Finance and Development Planning and Judiciary asking for the passage of the agreement.

They argued that it will boost the Government of Liberia's development agenda and improve the lives of citizens.

The Joint Committee: "Mr. Speaker, distinguished colleagues, the proposed Loan and Financing Agreement submitted to the National Legislature by the President of the Republic of Liberia in the wisdom of the Joint Legislative Committee on Ways, Means, Finance and Development Planning and the Judiciary is timely and expressed an imperative need for the construction of paved roads network in south-eastern Liberia in terms of actualizing the Government of Liberia's Pro-Poor Agenda."

Craving the indulgence of his colleagues for immediate passage of the loan agreement, the Chairman on Ways, Means, Finance, and Development Planning, Rep. Thomas P. Fallah (CDC-Mont. Dist.#5) asserted that the construction of the road will lead to a major boost of the education and health sectors of the country.

President George M. Weah recently submitted a Loan Financing Agreement between EBOMAF SA of Burkina Faso and the Government of Liberia in the tune of US$420,810,000 to the Legislature and craved the indulgence of the lawmakers to swiftly ratify the loan agreement.

In the communication, the President stated that the objective is to finance the design, construction, and supervision of the road corridors in Monrovia (Somalia Drive-Kessely Boulevard to Sinkor) and northeastern Liberia-the Tappita Zwedru road, including Toe Town to La Cote D'Ivoire and Zwedru-Greenville road.

He also noted that Liberia shall issue a fixed interest Eurobond with a face value of US$420,810,000 to finance the loan; adding that the Eurobond shall be redeemed in 15 years, five-year interest and principal free grace periods, plus ten years of coupon payment-commencing upon receipt on the first tranche of the loan.

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