The Plenary of the House of Representatives, has unanimously voted to ratify a US$60 million International Development Association (IDA) credit.
The credit, according to a release, is to support the Liberia Excellence in Learning (EXCEL) Project.
The decision follows a detailed report from the Joint Committee on Education and Public Administration, Judiciary, Banking and Finance, and Ways, Means and Finance.
The Committee was tasked to review the financing agreement submitted by the Executive.
During deliberations, the release said, members of the Joint Committee maintained that a loan of this magnitude (US$60K), is not a grant, but a long-term debt obligation to be carried by future generations.
They said, the legislature approval “cannot be automatic; it must be earned and justified.”
According to the report, the Liberia EXCEL Project aims to improve foundational learning across 2,337 public schools in all 15 counties. The US$60 million credit will also unlock an additional US$28.7 million grant from the Global Partnership for Education (GPE), bringing the total financing package to US$88.7 million.
The project seeks to strengthen early childhood and primary education; reduce the national education financing gap, and advance government’s ARREST Agenda for Inclusive Development.
With the House’s ratification, the legislative instrument has been forwarded to the Senate for concurrence.