Boakai’s loan agreements reviewed for rectification

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President Joseph N. Boakai has submitted two loan agreements totaling US$ 40m (Forty Million United States Dollar) to the Legislature for rectification. The loan agreements were signed on March 1, 2024 between the Republic of Liberia and African Development Fund (Mano River Union Road Development and Transport Facilitation Programme – Phase IV)” on the one hand and African Development Bank and African Development Fund (As Administrators of the Transition Support Facility) Mano River Union Road Development and Transport Facilitation Programme – Phase IV) on the other hand. According to the Liberian Leader, the total cost valued at approximately Forty Million United States dollars (US$40,000,000.00). “The first agreement amounts to an equivalent of Twenty-Four Million United States dollars (US$ 24,000,000.00), while the second agreement amounts to an equivalent of Sixteen Million United States dollars (US$ 16,000,000.00)”. He stated in his communication. The objective of the Loans is to contribute to opening up the interior of Liberia and Sierra Leone, and to strengthening sub-regional integration and trade.  The loans also seek to improve the infrastructure sector by supporting the government through the Ministry of Public Works to provide bitumen standard of 48.5 km of roadway from John Davies to Zwedru City, Grand Gedeh County.  Following the reading and floor debate, plenary forwarded the instruments to the Committees on Ways, Means and Finance and Development Planning, Judiciary, Public Works, Foreign Affairs and Transport to review and advise Plenary in two weeks.

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