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Pres. Sirleaf Submits US$29.3m Loan Agreement To Legislature
Date Uploaded: May 08, 2017

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Pres. Sirleaf Submits US$29.3m Loan Agreement To Legislature

By Wilfred Gortor

MONROVIA, May 6 (LINA) - President Ellen Johnson Sirleaf has submitted to the National Legislature a US$29.3 million loan agreement signed between the Government of Liberia and the African Development Fund for ratification.

The loan seeks to finance the Liberia Energy Efficiency and Access Project (LEEAP).

The LEEAP project is an integral component of a multi-donor program which is intended to improve access to electricity in Liberia.

In a communication accompanying the loan agreement submitted to both Houses of the legislature recently, President Sirleaf indicated that the LEEAP project involves the construction of a 46.1 km of transmission lines and 280 km of distribution lines from Paynesville to the Roberts International Airport. 

According to the Liberian leader, the project will also see the installation of transmission and distribution lines from Pleebo, Maryland County to Fish Town, River Gee County.

"The Implementing Agency of this project shall be the Liberia Electricity Corporation," President Sirleaf said.

The total worth of the loan per component as contained in the agreement comprises of: African Development Fund - US$13.35 million; Nigeria Trust Fund, US$10.0 million; and Transition Support Facility 6.0 million.

President Sirleaf said in accordance with Section 3.05 of the agreement, the Government shall repay the principal of the loan over a period of 30 years, with a 10 year grace period commencing from the date of the agreement.

She noted that the loan shall be paid at a 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 then urged the Legislature to ensure timely ratification of the agreement, as the project earmarked is of importance to Liberia's economic recovery program.

Meanwhile, both Houses have forwarded the agreement to their relevant committees for review and subsequent action.

LINA WSG/TSS/PTK

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