The Plenary of the House of Representatives has concurred with the Liberian Senate to pass the Loan Agreement between the Kuwaiti Fund for Arab Development and the Liberian Government to rehabilitate the Port of Greenville in Sinoe County.
The Lower House gave the concurrence Tuesday, following the reading of a report on the project by the Committees on Ways, Means and Finance and Judiciary, after two weeks of review and deliberations.
According to the Liberia News Agency, 29 lawmakers voted in favor of the concurrence, with zero against and one abstention.
The Committees said, in the report, that the rehabilitation of the Port of Greenville will accrue enormous economic and social benefits to the people of Liberia.
They also noted that the amount of the loan, which is 4,000,000 Kuwaiti Dinars, is sufficient to undertake the project, saying the amount will ensure that the port rehabilitation is carried out properly.
The committees said the interest of 1.5 percent on the loan principal is favorable to the purpose of the pending project, adding that given the interest amount, the project is feasible and the government stands to benefit from a reasonable repayment condition.
The lawmakers further noted that the charge of 0.5 per annum on the amount withdrawn, and on the balance of the loan, is considered to be realistic in meeting the cost of administration and implementation of the project.
Quoting the scheduled amortization plan provided in the annex to the agreement for the loan repayment, the Committees said the loan amount shall be repaid within a reasonable timeframe.
They disclosed that a total of 44 payments on a semi-annual basis shall be made to complete repayment within a 22-year period.