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Senate to cancel financing agreements

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The chambers of the Liberian Senate has received bill from Grand Bassa County Senator NyonbleeKarnga Lawrence seeking for the cancellation of both the EBOMAF and Eton financing agreement.

A communication proffered before the plenary of the senate, Thursday January 28, the Grand Bassa County lawmaker requested the body to cancel the Loan Financing Agreement between Eton Finance PTE Ltd and the Liberian government and the Loan Financing Agreement between EBOMAF SA and the government to avoid future embarrassment to the Country and future Government.

According to her, it is about time for the Senate to swiftly act and cancel them. But if the Body dose not takes the immediate action by cancelling these two agreements, they stand to be legal and binding on Liberia.

In her communication to the Senate, she argued that On May 7, 1028, the President of the Republic of Liberia submitted to the Legislature for ratification a Loan Financing Agreement between the Eton Finance PTE Ld and the Republic of Liberia in the amount of Five Hundred Thirty-Six Million Four Hundred Thousand United States Dollars ( US$ 536,400.00) for the Financing of the Coastal Corridor Connection of County Capitals Road Project, the construction of vocational training center, and the construction of mini-soccer stadiums in seven counties. Accordingly, the construction period as set for in the agreement is 48 months from the day of commencement after the agreement was ratified by the Legislature and approved by the President.

She further noted that on May 31, 2018 the President of the Republic of Liberia submitted to the Legislature a Loan Financing Agreement between EBOMAF SA and the Republic of Liberia in the amount of Four Hundred Twenty Million, Eight Hundred Ten Thousand United States Dollars ( US$ 420,810,000.00) for the financing of the design, construction, and supervision of road corridors in Monrovia ( Somalia Drive-Kesselly Boulevard to Sinkor ) and Northeastern Liberia – (Tappita-Zwedru Road, including To Town to La Cote D’ Ivoire and Zwedru-Greenville with duration of the project period of 36 monthsfrom the day of commencement after the agreement was ratified by the Legislature and approved by the President.

Sen. Lawrence says ‘since the ratification of both Eton PTE and EBOMAF SA Loan Agreements by the Legislature and approved by the President of Liberia in June 2018, nearly 30 months ago, nothing has been heard of the commencement of any of the project, though Liberia has a commitment to repay the loans within a specified period.’

With 18 months and 6 months left respectively for the expiration of the two agreements and no action has been taken, she pleaded with her colleagues to cancel both agreements so that Liberia will not pay for nothing money.

The Senate has received her communication and forwarded it to the Joint Committee on Judiciary, and Ways Means and Finance for action in two weeks.

Meanwhile a motion was proffered by River Gee County Senator ConmanyWesseh to that the communication be sent to the Judiciary committee for reviewing and findings be made available to plenary within three weeks period.-Press release

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