President George Weah has concluded a $536million United States dollar financing agreement with ETON Finance PTE Ltd. The loan deal has been submitted to the legislature for ratification.
In a communication to legislators, the President said the principal amount of the loan is payable in fifteen (15) years at an interest rate of 1.46% per annum with a seven (7) year interest and principal free grace period.
The plenary session of the House of Representatives Thursday May 10, 2018 mandated its committees on Ways, Means Finance and Development Planning, and Judiciary to review the agreement and report within two weeks for legislative action.
When endorsed by the legislature, the loan will be used to finance the pavement of an estimated 503 kilometers of road that would connect the inaccessible Southeastern region to the rest of the country including the capital Monrovia.
Highways to be targeted include: Buchanan Cestos City-Greenville-Barclayville road, the Barclayville-Sasstown road, the Barclayville-Pleebo road, the Medina-Robertsport road and the Tubmanburg and Bopolu road.
Also the loan will also cover the construction of a vocational training center in Greensville, Sinoe County, the construction of mini soccer stadiums in the Southeastern cities of Harper, Barclayville Greenville and Zwedru and Cestos in Rivercess. Western Liberian cities Robertsport and Bopolu will also benefit from the mini stadium project, according the President’s letter.
“I trust that the Legislature will ratify this agreement which seeks to provide employment, build our infrastructure, strengthen our union and drive our Pro-Poor Agenda for the good of our Liberian people,” President Weah said.
President George Weah’s infrastructure development projects would lead to the Liberian economy recording an estimated 15 – 20 percent GDP growth, administration officials and economists have forecast.
The international Monetary Fund backing President Weah’s flagship ‘pro-poor’ economic development policy said at the end of its 13-day mission in March this year that the President’s capital project targeting road construction will drive growth and development.
Team leader Mika Saito said “Over the next few years, the development plan of the new government, with large-scale road construction in its center, will act to expand and connect markets and spur economic development,” the Fund Mika Saito said.