Boakai Submits $10M Loan Agreement To Legislature For Ratification By: Fiona Benson Kollie

President Joseph N. Boakai on Thursday submitted   to the House of Representatives for ratification, the “Special Agro-Industrial Processing Zone Project Loan Agreement between the Republic of Liberia and the OPEC Fund for International Development.” He said the primary objective of the project delineated within the Agreement is to enhance food security through the promotion of agricultural productivity and the advancement of agro-industrial development within the Republic of Liberia. According to him, the initiative is anticipated to effectively mitigate the nation’s reliance on food imports and pursuant to the terms of the Agreement, the OPEC Fund has also consented to extend a loan to the Republic of Liberia in the amount of Ten Million United States Dollars (USD 10,000,000). “It is my firm belief that the Honourable Legislature will constructively consider and ratify this Agreement, which is essential for fostering increased investment in our agro-industrial sector” President Boakai stressed. The President hereby submitted the instrument for the House of Representatives’ esteemed consideration to ratify two critical agreements- (1) Institutional Support for Enhanced Domestic Revenue Mobilization and Reform Implementation Project (ISEDRMP). 2. Loan Agreement among the Republic of Liberia, the African Development Bank, and the African Development Fund (acting as Administrators of the Transition Support Facility), stating that the principal objective of the ISEDRMP is to bolster the domestic revenue capacity of our nation, specifically, the initiative seeks to achieve the following outcomes:, enhancement of gender-sensitive tax policy, the improvement of tax administration processes, the strengthening of governance within the mineral sector, along with increased transparency and accountability, the reduction of illicit financial flows (IFFS), among others. Meanwhile, the total financial commitment for this project is valued at Thirteen Million Eight hundred Thirty-Two Thousand Nine Hundred Ten Units of Account (UA 13,832,910), which is approximately equivalent to Eighteen Million Three Hundred Nineteen Thousand United States Dollars (USD 18,319,000). A motion was made forwarding the instruments to the committee on Ways , Means and Finance, Judiciary, Agriculture and Banking & Currency Committees to report within two weeks .