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President Ellen Johnson Sirleaf through the Ministry of Finance and Development Planning (MFDP) has submitted to the legislature a loan agreement in the tone of US$29.3 million for ratification into law.

This loan agreement which was signed between the Government of Liberia and the African Development Fund is intended to generate financing for the Liberia Energy Efficiency and access project (LEEAP).

According to a communication attached to the agreement sent to the legislature, particularly the Liberian Senate stated that this LEEAP project is an integral component of the larger multi donor program which aims to improve the access to electricity in Liberia.

President Sirlaef communication disclosed that the project involves the construction of a 46.1km of transmission lines and 280km of distribution lines from Paynesville to the Roberts International Airport and from Pleebo, Maryland County to Fish Town in Rivergee County.

The Liberian leader indicated that the implementing agency of this project would be the Liberia Electricity Corporation (LEC) which is charged with the sole responsibility to manage electricity in the country.

“The total worth of this loan agreement comprises the following components: African Development Fund-US$ 13,35 million, Nigeria Trust Fund-US$ 10.0 million and the transition Support Facility-6.0 million,” Present Sirleaf`s communication to the Liberian Senate revealed.

She furthered narrated that according to section 3.05 of the agreement, the Liberian government shall repay the principal of the loan over a period of 30 years. President Sirleaf continued that this repayment would commence after a ten year grace period beginning from the date of this agreement and it shall be paid at a rate of two percent (2%) of the principal per annum from the 11th to the 20th year inclusive and at a rate of four percent (4%) per annum thereafter.

The Liberian head of state asserted that she believes this project is very important to the country’s economic recovery programs and as such the lawmakers should ratify the agreement in a timely manner.

Meanwhile, the plenary which is the highest decision making body of that august body has turned over the President`s communication and the agreement to its committees on ways, means finance and development planning, judiciary and public utility to report back for further action. 

By: Jackson C. Clay, Jr.

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