The plenary of the House of Representatives on Thursday, July 15, 2021 ratified a financing agreement between the Government of Liberia (GOL) and the International Development Association (IDA) for the pavement of the road from Ganta to Zwedru. The decision of the plenary to ratify the agreement came as a result of a recommendation from the House’s joint committee on Ways, Means and Finance, Public Accounts and Expenditures and Judiciary suggesting the passage of the agreement.
“Distinguished Colleagues, the Committees’ appraisal of the financing agreement enlightened the Committees’ that it is a project to enhance the Government of Liberia (GOL) (recipient) road connectivity along selected section of the Ganta-Zwedruroad corridor; as well as to improve institutional capacity that will manage the road sector. The Government of Liberia (GOL) should receive from the International Development Association deemed as congressional financing at maximum commitment charge rates stipulated herein,” the joint committee Recommendation read.
According to the agreement, the total amount of the financing (credit) is in the tone of US$41 million. The agreement, if concurred with by the Liberian Senate, will cause the corridor road for the southeastern highway to be paved. The payment schedule of the US$41 million, according to the agreement, is from February 15 and August 15 each year, commencing from February 15, 2025, to include August 15, 2056 at the rate of 1.562% up to 2059.
“Mr. Speaker, the Committee wishes to note with pride in the context of promising domestic growth strategies and current related infrastructure investment that the government of Liberia has allowed as top priority of its development agenda to improve road accessibility under the pro-poor agenda for socio-economic development.”