Senators Wednesday concurred with the House of Representatives to ratify a multimillion-dollar financing agreement between the Government of Liberia and the International Development Association to bolster the country’s Renewable Energy programs.
According to the legislators, the loan agreement will increase access to electricity and foster the use of renewable energy sources. The joint legislative committee on energy and the environment observes that a portion of this amount shall be used for investment in mini hydro plants generation in selected areas of Lofa County and also decentralized electrification in the county.
The ratified financial agreement is valued at U$25million United States dollars and the loan period is twenty (20) years including ten (10) years moratorium.
The government of Liberia shall pay interest at the rate of half of one-percent (1/2 of1%) per annum on the principal amount and service charge shall be equal to three-fourth of one–percent (3/4of 1%) per annum.
The agreement maximum commitment charge is one-half of the one-percent (1/2 of 1%) on the withdrawn credit balance.