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Politics News

House ratifies US$536m Eton loan agreement

The House of Representatives has ratified a US$536,400,000.00 loan agreement between the Government of Liberia and Eton Finance PTE Ltd. to finance the coastal corridor road project connecting seven county capitals within the southeastern and western regions here.

A report from a joint committee on Ways, Means, Finance and Development Planning and Judiciary says in keeping with its mandate, a public hearing was conducted for the purpose of determining the relevance of the loan agreement in the amount of US$536,400,000.00 to finance the coastal corridor road project.

The report also states that the agreement when ratified by the august body will seek to address the contemporary challenges Liberia faces in terms of road networks which have caused disparaging socio – economic hardships for the Liberian people since 170 years.

The report cites the centralization of the Liberian economy only in Monrovia, owning to the inaccessibility of road infrastructures in most parts of rural Liberia.

It adds that the agreement when passed, will also seek to improve Liberia’s already ailing educational system by the construction of a vocational training center which will be situated in Greenville, Sinoe County, among others.

The Chairman on Ways, Means, and Finance Thomas Fallah says they are going to hold the Executive’s feet to the fire to make sure that the money from the loan is used for its intended purpose.

By Bridgett Milton–Edited by Winston W. Parley

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