President George Manneh Weah has submitted a US$227 Million Dollars financing agreement to the House of Representation for its ratification.In a communication last week, President Weah said he submitted the instrument to the House for ratification of additional financing agreement for the West African Power Pool (WAPP) interconnection project for Cote d’Ivoire – Liberia- Sierra Leone and Guinea.
Addressing the leadership of the House through Speaker Bhofal Chambers, President Weah said the original International Development Assistance (IDA) loan for the implementation of the regional project is US$147 million, negotiated in March 2012.
President Weah notes that the amount of the project increased between the period 2012 and 2016 due to the Ebola epidemic in the Mano River Basin and other economic factors.
President Weah narrates that the amount of the additional financing allotted to Liberia is US$45.3 Million.According to him, this agreement was signed on December 11, 2017 and it comprises a grant of US$22.6 million and loan of US$22.7 million.
According to the communication, the maximum commitment charge rate is one half of one percent (3/4 of 1%) per annum on the withdraw credit balance with payment dates of February 15 and August 15 in each year.
President tells the lawmakers that the objective of the project is to support government’s efforts in providing and reducing cost of electricity that will be efficient and reliable for Liberians in both rural and urban areas.
“Honorable Speaker this project when ratified will provide a range of opportunity for Liberia, and Liberia will be able to use the transmission line to transport electricity to other countries and other concessionaires within the power line range,” he says.
President Weah notes that it amounts to revenue generation for the benefit of Liberians, describing the project as significant to the economic recovery programs here.He says he trusts that the Legislature will ratify this agreement in a timely manner.
By Lewis S. Teh -Edited by Winston W. Parley