By Bridgett Milton
The House of Representatives has ratified a financing agreement between the Government of Liberia and Bank Leumi Le-Israel B.M. in the amount of EUR 26 Million, as both Export Credit Facility and a Down Payment Facility. The agreement has been forwarded to the Liberian Senate for action.
Report by the Joint Committee on Ways, Means, Finance and Judiciary, and Agriculture says during public hearing on the instrument, it engaged the Ministry of Finance and Development Planning and all related key stakeholders, including knowledgeable actors on public financial management, and tax practitioners in validating the financial and legal consistency and domestic resource mobilization.
The report also states that the loan facility will be used for the construction of a poultry farm in Liberia titled, Liberia Integrated Egg Farm.
The Financing agreement, if broken down into two components as stated in the agreement includes an Export Credit Facility Agreement, valued at EUR 21,558,226; and a down Payment Facility Agreement, valued EUR 4,520,643.
Interest rates and fees for the Export Credit Facility Agreement is EURIBOR plus 1.30% per annum, while the Down Payment Facility Agreement interest is EURIBOR plus 2.5% per annum, respectively.
“One of our mandates in the Legislature is to represent the interest of our electorate and ensure that what belongs to them is guaranteed, and used for the legislated purposes, and to attract more investment and quality service delivery”, the committee added.
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