US$59.6m Loan Agreement for Road Network

first_imgPartial view of members of the House of Representatives voting to forward the Agreement for revisionPresident Ellen Johnson Sirleaf has submitted for legislative ratification a pre-financing agreement recently signed between Liberia and the East International Group Incorporated, worth US$59,567,000.According to a letter to House Speaker Emmanuel Nuquay, which was read during Thursday’s session, the purpose of the pre-financing agreement is for the pavement of a 24.5km road from Klay to DC Clarke and 51km of selected neighborhoods and communities in Monrovia and its environs.The president’s letter further said the proceeds of the financing agreement shall be applied for the sole purpose of financing one hundred percent of the project.The letter also indicated that the objective of the agreement is to implement government’s developmental agenda and create an accessible and durable road network to make it easy for citizens and residents to travel in the said areas.The completion of the project will reduce travel time in case of medical and other emergencies and give the citizens in those areas opportunities for immediate relief, and improve the social welfare, economic condition and zoning effect within Monrovia and its environs, the letter noted.The agreement stipulates that the repayment schedules for the 24.5km Klay to DC Clarke Road to Bomi County and the 51km of selected neighborhoods/community roads, with disbursed amounts of US$19,905,537.39 and US$39,661,473.51 respectively, shall commence and be repaid in seven years.Meanwhile, the House’s plenary has mandated the Committees on Public Works, Judiciary, and Ways, Means, Finance and Development Planning to review the agreement and advise it in two weeks.Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)last_img