The Senate at its 61st day sitting yesterday received from President Ellen Johnson Sirleaf a request to ratify a loan agreement for the Gbarnga-Salayea Road Project between Liberia and Kuwait Fund for Arab Economic Development.
President Sirleaf’s communication, dated October 6, noted that the agreement was signed on March 21, 2016, and is in the amount equivalent to US17 million.
The objective of the loan, according to the President’s communication, “is to support the government’s effort for the construction works of the all-weather asphalted road of an approximate length of 81 kilometers and width of 75 meters, between Gbarnga and Salayea, to enhance the economic and social development of the country’s central region, and at the same time, link Liberia with Guinea and Sierra Leone.”
“As per the agreement,” the communication noted, “interest at the rate of 1 percent per annum of the principal amount, and other charges of the loan, shall be payable semi-annually on March 1, and September 1. in each year. The Ministry of Public Works shall be entrusted with carrying out the execution and maintenance of the project, the letter said.
“Honorable President Pro-Tempore, this project is significant to our Economic Stabilization and Recovery Plan, and I trust that the Legislature will ratify this agreement in a timely manner,” the President concluded.
The communication was sent to the Senate Committees on Ways, Means, Finance and Budget, and Foreign Affairs to report to plenary within a week.
In a related development, the Senate yesterday unanimously concurred with the House of Representatives on an “An Act to ratify the Finance agreement (Amending and Restating the Finance Agreement) for the Road Asset Management project between Liberia and the International Development Association.”
President Sirleaf has meanwhile sent to the Legislature “An Act to Amend Title 25, Patriotic and Cultural Observances Law, Chapter 3, Recognition of Distinguished Services by adding thereto a new subsection 64 to be known as “The order of the Republic.”