President Weah Submits Two Financing Agreements to Senate for Ratification

Monday, 23rd March 2020
President Weah Submits Two Financing Agreements to Senate for Ratification
President Weah Submits Two Financing Agreements to Senate for Ratification
Photo Credit: EXECUTIVE MANSION

Monrovia, Liberia:The President of Liberia, H.E. Dr. George Manneh Weah, has submitted two loan agreements to the Liberian Senate for ratification.

 

In two separate letters dated March 20, 2020 to the Senate, Dr. Weah requested the august body to ratify the “Upgrading of the Konia-Voinjama Road Project Loan Agreement between the Republic of Liberia and the OPEC Fund for International Development (OFID)” and the   Renewable Energy for Electrification in Liberia (REEL) Project” between the Republic of Liberia and African Development Fund.

 

The Konia-Voinjama Road Project is US$25 million loan agreement which, when ratified, will contribute to the socio-economic development of the country through a more efficient and integrated transport system.

 

Specifically, it aims to reduce travel time and cost, improve mobility and accessibility, achieve road safety and security, and facilitate and enhance agriculture activities thereby, raising the living standard of the population in the project area.

 

“This project is significant to our Pro-Poor Agenda for Prosperity and Development (PAPD),” President Weah said in the communication to the Senate, urging the honorable body to promptly ratify the agreement.

 

The 64-km Konia-Voinjama road project entails upgrading the existing earth road paved road with 7.2 meters wide carriageway (in addition to 3.25 meters wide service lanes in towns and villages) and 1.5 meters wide shoulders on each side (to be changed to 2 meters wide sidewalks in towns and villages). It also includes the renovation of seven bridges.

 

The Renewable Energy for Electrification in Liberia (REEL) Project is a US$5.97m loan agreement earlier signed January 29, 2020 and it aims to develop a hydro power plant on the Gbedin Falls on the St. John River in Nimba County.

 

President Weah believes the agreement, when ratified, would promote and achieve sustainable poverty reduction in the country.

 

Accordingly, the project will enable the provision of reliable electricity and improve the socio-economic conditions of the population in the project area, increase electricity access rate for Liberia from 19.3% to 30% by 2024, and contribute to reduction of greenhouse gas emissions.

 

It will also improve the operational efficiency and revenue base of RREA and LEC, thereby contributing to the improved sector strength in Liberia.