(LINA) – President George Manneh Weah has submitted a new Pre-Financing Loan Agreement in the tone of US$426 million entered into between the Government of Liberia and Group EBOMAF to the National Legislature for ratification.
Under the Agreement, the loan will be financed by EuroBond, redeemable after 15 years with a five-year grace period and a 10-year interest only on payment, according to an Executive Mansion release issued in Monrovia on Saturday.
It said the loan, when ratified will be used for the construction of 256.2 kilometres of paved roads and bridges in Monrovia and major corridors of the interior of the country.
Group EBOMAF will begin pre-financing the road project within three months after the agreement is ratified.
The roads to be constructed upon ratification through this agreement are as follows: The Sinkor to Kesselley Boulevard elevated Road, Zwedru to Greenville, Toe’s Town to Ivorian Border, and Tappita to Zwedru.
With the acquisition of this pre-financed agreement, coupled with the agreement to pave 503 kilometres of roads connecting the coastal cities as well as parts of Western Liberia, President Weah’s administration is poised to construct more kilometres of paved roads within his first term as President than the entire kilometres of paved roads that have been constructed by all previous administrations combined; within the over 170 years of Liberia’s existence as a sovereign nation.
This decision has been fully endorsed by the Cabinet and by virtue of this agreement, Liberia stands to gain a great deal of economic growth through the creation of jobs as well as a significant increase to Liberia’s Gross Domestic Product.