President Ellen Johnson Sirleaf has submitted to the House of Representatives for ratification a US$2 million loan agreement signed between the Republic of Liberia and the International Development Association.
According to the communication sent to the House of Representatives on Tuesday, 25 April President Sirleaf says the purpose of the loan is to generate financing for the Liberia Renewable Energy Access Project or LIRENAP.
The document says the LIRENAP will increase access to electricity and foster the use of renewable energy sources. Mrs. Sirleaf says the loan is critical to the implementation of the economic stipulation recovery plan here.
She notes in the communication to the House that the maximum commitment charge rate payable by the government of Liberia on the withdrawn credit balance shall be half of one percent per annum.
She adds that the service charge payable on the withdrawn credit balance shall be equal to three- fourths of one percent per annum. She concludes that the principal amount of the credit shall be repaid in dollars in accordance with the repayment schedule set forth in “Schedule Three” of the agreement.
By Bridgett Milton-Editing by Winston W. Parley