MFDP, MoJ, MPW Mandated to Cancel ETON and EBOMAF Loan Agreements

Finance and Development Planning Minister, Samuel Tweah, has admitted that the ETON Finance PLT Limited and EBOMAF loan agreements signed by the government of Liberia were flops and could be canceled.

-As Public Hearing Over Creation of War and Economic Crimes Courts End Today

The Liberian Senate has commenced processes leading to the nullification of the ETON and EBOMAF Loan Financing Agreement entered into by the Government of Liberia in 2018. 

In its decision taken in regular session yesterday, the Senate plenary mandated its Secretary to communicate with the Ministry of Justice (MOJ), Ministry of Finance and Development Planning (MFDP) and the Ministry of Public Works (MPW) to officially engage executives of ETON and EBOMAF on the cancellation of the Loan Financing Agreements existing between the companies and the Government of Liberia, respectively, and report to Plenary as soon as possible in order to commence appropriate Legislative proceeding leading to the repeal of such agreements. 

It can be recalled that, on January 14, 2018, the Government of Liberia entered into a Loan Financing Agreement in the tune of over US$500 million, with the two companies for the pavement of 830 kilometers of road corridors in the southeastern parts of the country. However, the implementation of such agreement remains dormant on the part of the companies and binding on the Government of Liberia in terms of financing the loan over the period stated therein. 

The Senate was concerned over the fact that the agreement, which has been ratified, places huge financial obligations on the Government of Liberia in terms of repayment of the loan, while the companies have not released any funding relative to fulfilling their financial obligations to the Government of Liberia.

The Senate believes that the requisite engagement between the relevant government entities and the companies (ETON and EBOMAF) will aid the Plenary in commencing the appropriate processes leading to the nullification of the agreement.

It can be recalled that Grand Bassa County Senator, Nyonblee K. Lawrence, earlier wrote the Senate for a possible cancellation of the agreement to avoid future embarrassment to the Liberian State. 

In another development, the Senate will today, July 14, 2021, end its debate and public hearings on the submission of recommendations by the Senate’s Leadership to Plenary on calls for the establishment of War and Economic Crimes Court.

The Leadership of the Liberian Senate recently submitted to its plenary a series of recommendations with the aim of advising the President of Liberia, George M. Weah, for the implementation and recommendations of the Truth and Reconciliation Commission (TRC).

According to a Senate press release, those appearing today are Madam Massa Washington, former member of the TRC, and Madam Dato’ Shyanmala Alagendra of the International Criminal Court (ICC).

Also invited to appear is the Chief Imam of the National Muslim Council of Liberia, Sheikh Ali Krayee.

The witnesses will appear to give their expert opinions on the recommendations before the leadership of the Liberian Senate.