Liberia To Get US$536.4M loan
-To Build Modern Coastal Highway
The Government of Liberia has signed a Memorandum of Understanding (MoU) with Eton Financing, an amalgamation of Asian investment companies, leading to a loan agreement of US$536.4 million to pave a 503km coastal highway in Liberia.Making the disclosure in Monrovia, Presidential Press Secretary Sam Mannah said the MoU, which was signed between the company’s executives and officials of the Liberian Government in Asia recently, will come into effect in 30 days, after which the official agreement will be signed and forwarded to the Legislature for ratification.
Finance Minister Samuel Tweah, accompanied by Justice Minister Cllr. Musa Dean; Minister of State for Presidential Affairs, Nathaniel McGill; Minister of Public Works, Mobutu Nyenpan and Economic Advisor to the President Archibald Bernard signed on behalf of the Government of Liberia.
According to Mannah, the loan agreement, when completed, will see the government paving a modern coastal highway that will connect the capitals of the five southern counties of Bassa, Maryland, Sinoe, River Cess, and Grand Kru to the capitals of the two Western counties of Grand Cape Mount and Bomi.
He added that the project will also target the pavement of five other major corridors across the country, including Barclayville to Sasstown; the Barclayville to Pleebo; Medina to Robertsports; Greenville to Barclayville and Tubmanburg to Bopolu.
The Presidential Press Secretary explained that the loan agreement will cover a period of 22 years, seven of which will be interest free, while the project will be completed within four years.
When completed, Mannah pointed out that the project will increase the country’s Gross Domestic Product (GDP) from 15 to 20 percent, thereby improving the livelihood of ordinary citizens and the economic status of the country by extension.
Meanwhile, Mannah has disclosed that President George MannehWeah has instructed the five officials to ensure that the agreement considers the full participation of Liberian-owned businesses in the award of contracts in an effort to empower them.
It can be recalled that President Weah in his campaign and inaugural speeches pledged to implement major road and other infrastructural developments during his first six years in office.