President George Manneh Weah has submitted to the House of Representatives for ratification a Loan Agreement between the ECOWAS Bank for Investment and Development (EBID) and Liberia as partial financing of the Barclayville-Klowne-Sasstown Road construction project in southeast Liberia.
The purpose of the loan, according to President Weah, is to finance partially the cost of implementation of the road construction project.
In a communication to Plenary on Tuesday, Dr. Weah stated that the total cost of the project is estimated at US$92,564,010.00 for which he said the sum of US$50,000,000.00 is a loan from EBID to be financed with the resources of the Indian Line of Credit.
Accordingly, the Liberian leader said that payment of the loan is for a period of twenty-five years, inclusive of a five-year grace period starting from the date of the first disbursement in 40 equal and semi-annual instalments.
“The first such instalment shall be payable on 1st February or 1st August, whichever date comes immediately after the end of the grace period.
“The annual interest rate is 2.25% on the principal amount of the loan disbursed and outstanding from time to time,” Pres. Weah said.
The Liberian Chief Executive stressed that the Legislature will ratify the loan agreement to improve Liberia’s infrastructure development and drive for “our Pro-poor Agenda for the people.”