Ellen Submits US$2M Loan for Increased Access to Electricity

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President Sirleaf and Speaker Nuquay

A US$2 million Loan Agreement to generate financing for the Liberia Renewable Energy Access Project (LIRENAP), which will increase access to electricity and foster the use of renewable energy sources, has been submitted to the House of Representatives for ratification.

The agreement was signed yesterday in Monrovia by the government of Liberia and the International Development Association (IDA).

In a communication to members of the House of Representatives, President Ellen Johnson said the maximum commitment charge rate payable by the government on the withdrawn credit balance shall be one-half of one percent per annum, and the service charge payable on the withdrawn credit balance shall be equal to three-fourths of one percent per annum.

The President indicated that the principal amount of the credit shall be repaid in dollars in accordance with the repayment schedule set forth in the agreement.

“Honorable Speaker, this loan is critical to the implementation of our economic stabilization recovery plan.  Hence, l ask your timely ratification on this important instrument,” the President wrote.

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