House passes US$40m road financing agreement
The House of Representatives has passed a Financing Agreement Act between the Government of Liberia and the International Development Association. The US$40,000,000 agreement seeks to upgrade and rehabilitate a 4.5km ELWA to Redlight Road, including the construction of an intersection at ELWA, thus completing the Monrovia through Gbarnga to Ganta Highway.
Speaking in session Thursday, 21 September, the House’s Chairman on Ways, Means and Finance Rep. Prince K. Moye reported that the instrument is also geared towards ensuring that there is constant maintenance of the Monrovia – Gbarnga – Ganta Highway over the period of ten years.
He says in addition, it is intended to support the government of Liberia’s effort in reducing the cost of road transportation from Monrovia to Ganta and to the Guinea Border and to maintain the road in good condition over the stated period.
Rep. Moye says the instrument will create the opportunity to rehabilitate, upgrade, maintain periodically and routinely and install proper mechanism for control of road right of way from Monrovia strict to The Guinea Border.
According to Moye, based on the agreement, [repayment] is due on each June 15 and December 15 and will begin June 15 2023 up to and including December 15 2054 at the rate 1.5625% of the principal amount of the credit.
By Bridgett Milton–Edited by Winston W. Parley