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House Ratifies Nearly one Billion USD Loan deals in two days

Monrovia-The House of Representatives has unanimously passed the EBOMAF loan agreement pending concurrence by the Liberian Senate.

The loan intended to pave roads in Nimba, Grand Gedeh and Montserrado Counties is estimated at 420 million United States dollars.

On Tuesday of this week, President George Weah submitted the EBOMAF loan agreement to the House of Representatives, and its committees on Ways, Means and Finance and Judiciary were mandated to review and report Thursday June 7.

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.

Following the committees report Thursday, the House’s Chair on Ways, Means and Finance Representative Thomas Fallah stressed the need to address Liberia’s nightmare of road connectivity.

Representative Fallah maintained that roads connectivity will enhance the free flow of trade and commerce.

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.”

For his part, the House’s Chair on Judiciary, Representative Fonati Koffah regretted that conventional methods of acquiring the infrastructure rapidly was not available thus using the unconventional method.

Representative Koffah however rubbished public assertions that the passage of the loan agreements was hasty or 4G as considered in Liberia.

The passage of both the Eton 536 million agreement and the EBOMAF 420 million amounts to a little over 956 million with four million remaining to reach one billion in debt in less than a week.

Recently, House Speaker Dr. Bhofal Chambers also admitted that as of 2016 Liberia was already indebted by 1.1 billion excluding 2017 and present.

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Godfred Badu Quansah
OKAY COMMUNICATION INC.