- Search Results
Pres. Sirleaf Presents Loan Agreement For Ratification
Date Uploaded: Oct 04, 2016

Montserrado County Flag


Pres. Sirleaf Presents Loan Agreement For Ratification
By Wilfred Gortor

MONROVIA, September 24 (LINA) - A Concessional Loan Agreement between the Government of Liberia and the Export-Import Bank of China has been submitted by President Ellen Johnson Sirleaf to the National Legislature for ratification.
The agreement is in a minimum aggregate amount of Renminbi 350 million Yuan, which is equivalent to US$50 million.
Renminbi is the official currency of the People's Republic of China, and translated to mean "people's money."
Its international symbol is CNY or CHN in Hong Kong, but abbreviated as RMB with the symbol ¥.

The Liberian leader, in a communication addressed to both Houses of the Legislature Thursday, said the loan agreement is intended for the
upgrade and expansion project of the Roberts International Airport (RIA).

President Sirleaf said repayment of the loan will be recorded in Renminbi, although the repayment may be in United States Dollars or
other convertible hard currencies accepted by the lender.

The rate of interest applicable to the loan, according to President Sirleaf, shall be two percent per annum, with a Management Fee of 0.5
percent, while the Commitment Fee shall also be 0.5 percent.

She said the maturity period for the loan facility shall be 240 months (20 years), which includes a grace period of 84 months (13 years).

President Sirlaf informed the body that all of the proceeds of the loan facility shall be used and applied by Government solely to pay
100 percent of the Commercial Contract amount to the China Harbor Engineering Company Limited, which is the Chinese supplier.
The Liberian leader petitioned the Legislature to ensure timely ratification of the loan agreement as there is an urgent need to renovate the RIA facilities and its terminal building.

Meanwhile, both Houses of the Legislature have forwarded the agreement to their relevant committees for scrutiny with the mandate to report
in one week.

latest headlines
LNFS Craves More Support To Mitigate Fire Outbreaks
The Liberia National Fire Service (LNFS), has called for more capacity building training, empowerment and logistics to help mitigate fire outbrea ...more
‘Women Will Vote Those Who Champion Their Cause’ - Solanke
The Executive Director of Community Healthcare, Naomi Solanke, has cautioned that women will only support aspirants who will champion their cause ...more
Gender Official Vouches For Post-Ellen Platform
An Assistant Minister at the Ministry of Gender, Children and Social Protection is calling for the setting up of a platform for the post-Ellen er ...more
“CBE Model Successful,” Monrovia City Mayor
The Mayor of the Monrovia City Corporation (MCC), Clara Doe Mvogo, says the Community-Based Enterprise (CBE) model has been successful in the mun ...more
NGO Shares Global Youth Service Day With Nimba Orphans
Over 150 orphans of the House of Hope Orphanage in Ganta, Nimba County have had a different taste of the observance of Global Youth Services Day ...more
Urbanization Critical for Liberia's Development - Leon
The Program Manager of the Cities Alliance in Liberia says urbanization is critical to the development of cities in the country in the future. ...more
All rights reserved © 2013 - 2014
Liberia News Agency