A Liberian entrepreneur Sheik Al Mustapha Kouyateh says the US$420,810,000.00 Loan Financing Agreement between the Government of Liberia and EBOMAF S.A. for road construction will create jobs for Liberians.
Sheik Kouyateh, President and Chief Executive Officer for Farafina Investments Group, Incorporated, is commending President George Manneh Weah, Vice President Jewel Howard Taylor and members of the 54th Liberian Legislature for securing both the EBOMAF and Eton Finance PTE Limited loan agreements aimed constructing roads across the country.
Addressing a news conference Thursday, 14 June at his office in Monrovia, he specifically notes that the EBOMAF’s loan would create 80 percent employment for skilled Liberians in the engineering profession, adding that EBOMAF is a legitimate company registered in Burkina Faso that has done construction projects in Benin, Togo, Niger and other countries in the region.
He says this is an opportunity for Liberia, explaining that sometimes the process of securing loan from bilateral and multilateral institutions takes three to five years before funds are provided. “As President of Farafina Group, we welcome the EBOMAF loan; it is a decision that is in the favor of Liberians; thanks to President Weah.”
He describes the firm as a Pan African institution, saying “The presence of EBOMAF will create more jobs.” Under the agreement already ratified by lawmakers on Capitol Hill, EBOMAF S.A. is to pave 2.56.2km roads that would connect Somalia Drive to Kesselly Boulevard and Sinkor, and Northwestern Liberia (Tappita, Zwedru, Toe Town to La Cote D’Ivoire and Zwedru to Greenville) respectively.
President Weah has announced a timeline of three years [36 months] for execution of the project, which is expected to start immediately after initial disbursement of funds.
“I believe the presence of EBOMAF in Liberia should be glorified by Liberians”, Sheik Kouyateh says, and reveals that as a member of the ruling Coalition for Democratic Change, he believes in development.
Some Liberians are apprehensive about the total loans signed with the two companies, hitting US$1 billion. But the Farafina CEO argues, “If you see someone borrowing [lending] you money, even while you are in debt, it means they have trust in you.”
He says President Weah is a very credible and well respected personality that anybody would want to do business with because of his character over the years, so it was no surprise that he was able to secure the loans for development.
-Story by Jonathan Browne