The Government of Liberia through the Ministry of Finance and Development Planning and the Saudi Fund for Development (SFD) will today February 10, sign a Twenty million United States Dollars (US$ 20 Million) Financing Agreement for the upgrading of the first section of Lot One (1) of the Gbarnga – Mendikorma Road.
A Ministry of Finance and Development Planning release said, the signing ceremony will take place in the bordering town between Bong and Lofa counties, following the arrival of a high power team from the Saudi Fund for Development.
The release indicated that the primary objective of the Gbarnga – Salayea Road Rehabilitation Project is to contribute to the economic and social development of Liberia through the development, expansion and integration of its roads network.
Government’s objective of implementing this critical project is also focused on reducing travel time and cost, improving accessibility, achieving road safety and security, and ultimately improving the standard of living of the inhabitants of Bong and Lofa counties.
The total estimated project cost for the Gbarnga – Mendikorma Road is US$ 430 million; Lot One (1) is the stretch from Gbarnga to Konia, which is estimated at US$184.7 million and is approximately 137 kilometers in length, located in Bong and Lofa Counties, while the first section of this Lot is from Gbarnga to Salayea and its project estimated cost is US$95.1 million.
Donor’s commitment for section One of Lot One, which is Gbarnga – Salayea is placed at US$82.5 million while the Government of Liberia’s contribution or Counterpart Funding is US$12.6 million.
The MFDP release further noted that following tomorrow’s signing ceremony the agreement will be transmitted to the National legislature for ratification, and when completed, the project will make the North-Western Liberia to be easily accessible and acceleratecross-border trade between Sierra Leone and Guinea, thereby enhancing the economic status of inhabitants of the Mano River Union countries.
Today’s exercise commemorates the fourth signing ceremony for funds earmarked for the Gbarnga – Salayea road Project. Over the last two months, the financing agreement with the OPEC Fund for International Development was signed in Vienna, Austria and financing Agreement with the Kuwait Fund for development was also signed in Monrovia.
After tomorrow’s signing, a similar ceremony with the Abu Dhabi Fund is expected to take place thus sealing the financial package needed for the full implementation of said project.
The MFDP release concluded: “Agreements with Donors signed and ratified by the National Legislature to consummate this project includes; The OPEC Fund for International Development (OFID) US$ 20 million, The Kuwait Fund for Arab Economic Development (KFAED) US$15.5 million and the Arab Bank for Economic Development in Africa (BADEA) US$ 12 million.”
Written by Newdawn -Press release