- Search Results
 
 
Pres. Sirleaf Presents US$35m Loan Accord For Ratification
Date Uploaded: Jul 20, 2016

 President Ellen Johnson Sirleaf 

 

 

Pres. Sirleaf Presents US$35m Loan Accord For Ratification
By Wilfred Gortor, LINA

MONROVIA, July 19 (LINA) - President Ellen Johnson Sirleaf has submitted for ratification a loan agreement between Liberia and the African Development Fund in the amount of US$24,805,000.

The loan agreement, which is stated in Unit of Account (UA), according to a communication from the office of President Sirleaf, is equivalent to a total of US$35 million and is intended for the Mano River Union Road Development and Transport Facilitation Program (MRU/RDTFP).

A Unit of Account is a nominal monetary unit of measure or currency used to value cost of goods, services, assets, liabilities, income, expenses or any economic item.

It is one of the three known functions of money as it lends meaning to profits, losses, liability, or assets.

The loan, according to the Liberian leader, is also meant to provide additional financing for the foreign currency cost and part of the local currency cost of the multinational MRU/RDTFP, involving Liberia, Cote d' Ivoire and Guinea.

The Maximum Commitment Charge Rate payable by the Government of Liberia on the undisbursed portion of the loan, according to the agreement, shall begin to accrue 120 days after the date of the signature of the agreement shall be one-half of one percent (0.50%) per annum.

President Sirleaf said the loan is for a period of 30 years after a 10-year grace period commencing from the date of the agreement, at the rate of two percent of the principal per annum from the 11th to the 20th year inclusive and at the rate of four percent of the principal per annum thereafter.

President Sirleaf disclosed that service charge payable on the principal amount of the loan disbursed and outstanding amount shall be three quarter of one percent (0.75%) per annum, and that payment dates of the loan are 15th April or 15th of October in each year.

"The executing agencies under the loan agreement are the Ministry of Public Works and ECOWAS in consultation with the MRU General Secretariat," President Sirleaf noted.
LINA WSG/TSS/PTK

latest headlines
CNFA-Liberia& Partners SupportCommercialization of Local Rice
An international NGO, Cultivating New Frontiers in Agriculture-Liberia (CNFA-Liberia) and the International Fund for Agricultural Development (IF ...more
Coca-Cola Africa Recommits To WASH Promotion
Coca-Cola Bolstering Africa’s Resilience and Replenish Africa Initiative Programs say more than six million Africans are expected to be reached ...more
Children Forum Craves Justice In Bong
More than 150 children from the 13 administrative districts of Bong County under the umbrella of the Liberian Children Forum have gathered in Gba ...more
PUL To Hold Conflict Sensitive Journalism, Social Media Activists Training
The Press Union of Liberia (PUL) has announced that it will hold a two-day Conflict Sensitive Journalism and Social Media Activists Training from ...more
UN Begins Women Confab In Bong
The United Nations Entity for Gender Equality and Empowerment of Women in Liberia is currently conducting four-day Peace Hut Women Strategic Plan ...more
CU Prexy Brown Is 170th Independence Day National Orator
The Ministry of Foreign Affairs has announced that Dr. Herman Beseah Browne, President of the Cuttington University is the 170th Independence Ann ...more
 
All rights reserved © 2013 - 2014
Liberia News Agency