Lower House Ratifies Three Separate Financial Agreements

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The House of Representatives has unanimously voted and passed into law three separate financial agreements it says will aid in Liberia’s recovery and rebuilding.

The House on Tuesday passed a financing agreement between Liberia and the International Development Association (IDA), a loan agreement between Liberia and the African Development Fund and another loan agreement between Liberia and the African Development Bank and the African Development Fund.

Accordingly, the financing agreement between Liberia and IDA, valued US$20 million, was presented to that body four months ago and has already form part of the Country’s 2014-2015 approved and printed National Budget with a principal amount of credit repayable of 1.5625% commencing on March 15, 2021 to and September 15, 2052.

The Chairperson on Ways, Means and Finance Rep Moses Kollie rallied the House into passing the legislations. “Hon. Speaker and Colleagues, having scrutinized this financing agreement between the Republic of Liberia and International Development Association as mandated by plenary about four months ago, which proceeds were also captured as part of the FY 2014-2015 National Budget, the joint committee on Ways, Means and Finance, we recommend the passage of the agreement,” he said.

The two loans are intended to finance phase two of the Mano River Union Road Development and Transport Facilitation program and are targeted for the construction of the Cavalla River Bridge that overlaps the Ivory Coast-Liberian border on the Tabou-Harper highway.   

In a February 24, 2015 communication, President Ellen Johnson Sirleaf called on the House to pass loan agreement bills, for it would foster road development, spur women’s empowerment, enable transport facilitation, and enhance institutional support and program management.

President Sirleaf added if ratified the loan agreements would boost the post-conflict economic recovery of the Mano River Union area by improving road infrastructures, promoting intra-community trade and transportation conditions along the affected areas.

The President in her justification to that body also said the projects are additionally intended to facilitate the free movement of people and goods between the MRU Countries and involves the paving of 276.35 km of the road network within the area bounded by forested Guinea, Danane Blolequin, Toulepleu and Tabou Districts in Ivory Coast as well as Maryland and River Gee Counties in Liberia.