11 May 2018

Liberia: President Weah Submits Loan Agreement

President George Weah has submitted a loan financing agreement to the Liberian Senate for ratification into law.

This loan financing agreement which is in the tone of five hundred thirty-six million four hundred thousand United States dollars (US$536,400,000.00) is signed between the government of Liberia and the Eton Finance PTE.

According to President Weah's communication sent to the Liberian Senate, the loan aims at addressing the most talked about coastal corridor roads intended to connect counties capitols in the country.

"I am pleased to submit to your honorable body for ratification a loan financing agreement between the Eton Finance PTE and the government of Liberia in the amount of five hundred thirty six million four hundred thousand United States dollars (US$536,400,000.00). Honorable Pro-Tempore, the objective of this loan is to finance the Coastal Corridor connection of county capitals road project," President Weah's communication stressed.

The Liberian leader indicated that this loan agreement would also address the construction of rest stop and roadside services areas, adding, the construction of a vocational training center in Greenville, Sinoe County, the construction of a mini soccer stadium in Harper, Maryland County, Barclayville, Grand Kru County and Greenville again in Sinoe County among others.

The President's communication disclosed that the principal amount of the loan is payable within fifteen years (15yrs) by level payment at an interest rate of 1.46% per annum, noting that with a seven-year interest and principal free grace period.

President Weah's communication also revealed that the contractor of the project shall be the JVC or consortium comprising MAEIL Liberia Construction Co., Ltd., a major Chinese engineering procurement and construction company and subcontractors comprising of Liberian owned and operated Construction Company in the country.

However, the President asserted that he trusts that the legislature would ratify this loan agreement within the soonest possible time, thus, this agreement seeks to provide employment, build the country's infrastructure and strengthen the government's Pro Poor agenda for the good of all Liberians.

The plenary of the Liberian Senate, the highest decision-making body has turned the communication over to its committees on Ways, Means, Finance and Budget, Public Works and Foreign Affairs for proper scrutiny and report back to plenary within one-week time.

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