Senate Concurs to Ratify US$420 Million EBOMAF Loan

MONROVIA, Montserrado – The Senate has concurred with the House of Representatives to ratify the US$420 million financing agreement between EBOMAF and the Government of Liberia for the rehabilitation, construction, and pavement of roads in parts of Liberia.

The Senate also ratified the Mineral Development Agreement with Hummingbird Resources Liberia Inc. for the development of gold resources in parts of Sinoe, Grand Kru, River Gee, and Maryland.

Senate Pro Temp Albert Chie said, from all indications, the executive branch convincingly demonstrated through their presentations the crucial need and importance for paving the roads.

Chie said in evaluating the loan agreement, the Senate considered the economic responsibility and ability of the leaders to provide the funds, and the preparedness of the government to provide acceptable guarantees, including the capability of the Republic of Liberia to pay back the loan on time.

Chie said most importantly, the justice minister had confirmed to the Senate that all the necessary legal processes and procedures associated with acquiring the loan had been met.

He added, “All of these facts and circumstances have been corroborated by the Public Works [Ministry], Ways, Means, and Finance and Judiciary committees of the Senate, which have been working on the issue for several weeks.”

“The issues of good paved roads, agricultural productivity, improvement in the educational standards, provision of social and economic services to Liberians, and the creation of an enabling environment for private sector investments in all parts of the country cannot be overly emphasized,” Chie added. “Join and help this government as it takes rapid steps to modernize the rural areas and improve lives in urban settings.”

Defending the EBOMAF financing agreement, Public Works Minister Mobutu Nyenpan said when ratified, the government will access an additional US$420 million for road pavement works in Monrovia and northeast of the county. Along with the Eton financing deal, Nyenpan said over 850 kilometers of roads would be paved over the next six years.

Nyenpan said that would be equal to the length of roads paved over the course of Liberia’s 170 years of existence.

“We believe this is good news for Liberia and the elected leaders, working together, we can bring relief to our people,” he added. “We are not only crediting or accessing loan; as we speak, the World Bank, E.U., and others are involved in the process as we go along.”

The EBOMAF loan will be used for the construction of 256.2 kilometers of paved roads and bridges in Monrovia and major corridors of the interior of the country. They include an elevated road from Sinkor to Kesselly Boulevard, Zwedru to Greenville, Toe’s Town to the Ivorian Border, and Tappita to Zwedru.

Featured photo by Zeze Ballah

Ida Reeves

Ida Reeves is a senior student at the University of Liberia studying Mass Communications and Sociology. She graduated from the Young Political Leadership School and has worked in the past for Farbric Radio, Freedom Radio, and Frontier newspaper.

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