President Ellen Johnson Sirleaf
Liberian Leader Seeks Loan Agreement Ratification
By Hilary Vasco Wiagbe, LINA
MONROVIA, May 12 (LINA) - President Ellen Johnson Sirleaf has submitted a Loan Agreement signed between Liberia and the Saudi Fund for Development in the amount of US$20 million to the House of Representatives for ratification.
In a letter to House Speaker J. Alex Tyler dated May 4, 2015 and read in Session on Tuesday, May 12, President Sirleaf said the loan is for the co-financing of the rehabilitation of the Roberts International Airport, including the airport’s runway.
According to the Liberian leader, the interest rate of the loan is one percent per annum, and informed the lawmakers that interest and other eventual charges shall be payable semi-annually on April 15 and October 15 in each year.
She further informed the lawmakers that the loan is payable in 30 years, including a 10-year grace period, and that repayment of the principal amount of the loan shall be made in accordance with the Amortization schedule set forth in Schedule No. 3 of the Loan Agreement.
“In view of the important purpose of this financing arrangement and the need to rehabilitate the Roberts International Airport Runway, I ask your ratification of this instrument,” the President concluded.
The communication was sent to the House Committees on Transport, Ways, Means and Judiciary for review with the mandate to report to plenary in two weeks.