President Ellen Johnson Sirleaf has submitted a US$60 Million financing agreement to the Liberian Senate for ratification.
The money would be re-paid by Liberia within 38 years including a six-year grace period.
Signed between Liberia and the International Development Association, the agreement is a special drawing right intended to generate additional funding for the implementation of Liberia's accelerated electricity expansion project.
The accelerated electricity expansion project is aimed at increasing access to electricity and strengthening institutions' capacities in the electricity sector of the country.
In a communication to the Liberian Senate, President Johnson-Sirleaf told the Senators that the maximum commitment charge, which is payable by the Liberian government on withdrawal financing balance, is one half of one percent, while the service charge payable on the withdrawn credit balance would be three-fourth of one percent per year.
She said payment dates in line with the agreement would commence on May 15 and November 15 each year.
The Liberian Chief Executive urged the Senators to ratify the agreement because there is an important need to increase access to electricity and strengthen the Liberia Electricity Corporation.
The bill is sponsored by Senators Geraldine Doe-Sheriff and George Weah of Montserrado County.
The agreement, following its reading by the Secretary of the Senate was turned over to the Senate Committee on Foreign Relations for proper scrutiny and advice to plenary.