President George Manneh Weah has submitted the Financing Agreement Tree Crops Extension Project II between the Republic of Liberia and International Fund for Agriculture Development to the House of Representatives for ratification.
Submitting the agreement, President Weah says the total amount of the agreement isUS$23,826,000. Of this amount, President Weah explains that US$11,913,000 is a loan, and the remaining US$11,913,000.00 is a grant.
According to him, the objective of the agreement is to increase income and improve the livelihoods of poor smallholder coca producers and their households.
He adds that it will target Lofa and other counties, and it is expected to benefit around 15,000 households.
President Weah indicates that 10,000 households will be coca smallholder farmers and the remaining 5,000 rural households will benefit from improved roads, input supplies, market linkages and spillover effects along the value chain.
He reveals that the project agency shall be the Ministry of Agriculture, while the loan shall be free of interest but bear a service charge of three fourths of one percent per annum, payable semiannually in United States currency and shall have a maturity period of 40 years including a grace period of 10 years.
Meanwhile the plenary has forwarded the communication to the committees on Ways, Means and Finance and Development Planning, Agriculture, Forestry and Fisheries and Judiciary to report in one week.By Bridgett Milton–Edited by Winston W. Parley