- Search Results
Pres. Sirleaf Submits US$20mLoan......
Date Uploaded: Mar 14, 2016

 President Ellen Johnson Sirleaf



Pres. Sirleaf Submits US$20mLoan Agreement For Ratification

By Wilfred Gortor, LINA

MONROVIA, March 10 (LINA) - President Ellen Johnson Sirleaf has submitted to the Legislature for ratification a US$20 million loan agreement between the Government of Liberia and OPEC Fund for International Development (OFID).

The term of the loan is 20 years repayment with a grace period of five years.

The agreement, according to the Liberian leader, which was created by the Ministry of Finance and Development Planning, is to generate partial financing for the upgrading of the Gbarnga-Salayea road.

In a communication addressed to Senate Pro-Tempore, Armah Jallah, on Thursday, President Sirleaf noted that when ratified, the loan will contribute to the economic and social development of Liberia.

President Sirleaf disclosed that the Government of Liberia shall pay interest at a rate of one percent per annum on the principal, and a service charge at the rate of one percent on the principal amount of the loan withdrawn and outstanding.

She noted that interest and service charges on the loan shall be paid semi-annually on March and September 15 each year into OFID account.

President Sirleaf urged the Senate to ratify the agreement as it seeks to further develop, expand and integrate Liberia’s roads network, thereby reducing travel time and costs and improving the lives of the people of Liberia.

Meanwhile, the Liberian Senate has forwarded the loan agreement to its relevant committees with a mandate to make report in two weeks.



latest headlines
‘Poverty Rate Still High In Africa,’ Says WB Lead Economist
World Bank Lead Economist and the author of the Africa’s Pulse Report, Punam Chuhan-Pole, has observed that with poverty rates still high in th ...more
African Media Group Condemns Killing Of Nigerian Journalist
The Media Foundation for West Africa (MFWA) says it has received with shock reports that Famous Giobaro, a desk editor with the state-owned Glory ...more
LNP Assures Female Contestants Of Full Protection
Police Inspector General Gregory Coleman has assured women vying in the October elections of full police protection during their campaign process ...more
WFP Official Urges Joint Efforts For ‘Zero Hunger’ Goal In Liberia
The World Food Program (WFP) Regional Director for West and Central Africa, Abdou Dieng, has called for collaborative efforts by Liberians to ach ...more
Apostle Suleman Coming To Liberia Again
The President and Founder of the Nigeria-based Omega Fire Ministries (OFM) international is due in the country for a two-day crusade beginning Ma ...more
Police Chief Nudges Youth To Embrace Peace
Police Inspector-General Gregory Coleman has called on Liberian youths to do away with violence and embrace positive thoughts and actions for the ...more
All rights reserved © 2013 - 2014
Liberia News Agency