The plenary of the House of Representatives on Wednesday, July 19, 2023 passed an amendment to two additional financing (loan) agreements between the Government of Liberia (GOL) and the International Fund for Agriculture Development (IFAD).
The two instruments submitted by President George M. Weah include an amendment to the Financing Agreement for Tree Crops Extension Project II (TCEP II) and an amendment to the Financing Agreement for Smallholders Agriculture Transformation and Agribusiness Revitalization Project (STAR-P). The two agreements are in the toned of US$7,170, 000 and US$28,709,715, respectively.
The purpose of the additional loan, according to the President’s communication, is to fill the existing financing gap of the TCEP I Project.
The TCEP II Project seeks to increase income and improve the livelihoods of poor smallholders cocoa producers and their households. It will target Lofa and other counties, and is expected to benefit around about 15,000 households, of which 10,000 households will be cocoa smallholder farmers and the remaining 5,000 rural households will benefit from improved roads, input supplies, market linkages and spillover effects along the value chain.
The STAR-P agreement also seeks to increase agricultural productivity and commercialization of smallholder farmers in Lofa, Nimba, Grand Cape Mount, Bomi and Margibi by focusing on production of rice, oil palm, and horticulture.
“Honorable Speaker, I trust that the Legislature will ratify these agreements, which are expected to provide employment, food security and drive our pro-poor agenda for the good of our people,” the President’s communication reads.
Following the reading of the two agreements, plenary voted overwhelmingly to pass the two agreements to the Liberian Senate for concurrence. The Speaker mandated the Chief Clerk to forward the instruments to the Liberian Senate for concurrence.