US$536 Loan Would Expand Economy By 20%

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President George Weah’s infrastructure development projects including the construction of a coastal highway would lead to the Liberian economy recording an estimated 15 – 20 percent GDP growth, administration officials and economists have forecast.

The Weah administration is seeking to pave 503 kilometers of road that would connect the inaccessible Southeaster region to the rest of the country including the capital Monrovia.

Memorandum of Understanding has been signed with Eton Financing for the provision of approximately $536million loan for the project’s implementation.

The international Monetary Fund backing President Weah’s flagship ‘pro-poor’ economic development policy said at the end of its 13-day mission in March this year that the President’s capital project targeting road construction will drive growth and development.
Team leader Mika Saito said “Over the next few years, the development plan of the new government, with large-scale road construction in its center, will act to expand and connect markets and spur economic development,” the Fund Mika Saito said.

Below is update on the President’s socio-economic development targets as compiled by the administration’s communication team.

• The President has instructed the disbursement of 50% of the funding required to start construction on the proposed 14th Military Hospital. Construction is expected to start within three weeks, if not earlier.

• The President has fulfilled his promise made to Liberian students and parents by paying the WASCE/WAEC fees for approximately 34,000 students across Liberia. What an unprecedented milestone!

• The President’s promise to install 2,000 street lights from ELWA to St. Paul Bridge is in full swing.

Phase 1 of this project is to have lights installed on the existing light poles, while phase two will have new light poles & lights installed on the other side of the streets without poles. The installation from ELWA to Redlight began on Monday April 9, 2018. Portions of Rehab-Duport Road, GSA, Duala, Point 4 as well as New Kru Town have already been installed. This is in addition to the 400 solar-powered street lights expected to be installed on the Robertsfield Highway. Thanks to our President for being proactive!

• Owing to the President’s commitment to enhance the current manual registration process at the University of Liberia, the President has authorized the disbursement of funds towards digitalizing the current registration process. The UL administration has entered into an agreement with a Liberian IT Company to implement this project.

• The President has been able to initiate discussions in an effort to secure funding for the transformation of West Point community as well as other slum communities and parts of rural Liberia. This project is expected to replace the existing homes in those designated areas by constructing modern 2-3 bedroom homes for slum and rural dwellers. This is one of his campaign promises made to the Liberian people when he stated, “Liberians are in the 21st century and there should be no reason for citizens to still be living in huts-especially in rural Liberia”.

• The Bali Island Project will kick start by firstly embarking on a road project thus creating access from the Battery factory community to the Island. Initial meetings have taken place between the Government of Liberia through the Ministry of Public works and residents of the communities affected. This meeting is geared towards sensitizing the community dwellers about the transformation of the Island. The President has cautioned parties entrusted with the implementation of the project that the transformation of Bali Island into a modern city is not a mere project, but a dream to be fulfilled, thus must be taken very seriously.

• The President has initiated discussions with partners to fund the construction of a state of the art modern bridge that will connect the 12th Street community to Gardnersville by way of Kesselly Boulevard. The purpose of this bridge is geared towards opening the city and to alleviate traffic on the Somalia drive. The 12th Street to Kesselly Boulevard Bridge is one of many bridges that the President is committed to constructing.

The construction of an overpass bridge at both the SKD Boulevard junction and the Ministerial complex junction in Congo town, as well as the bridge that would connect the Crown Hill Community to the Bali Island as well as the Battery Factory Community are all part of the President’s commitment to Liberia’s development.

• Owing to the President’s commitment to connect all of the capitals within the southeast including Grand Bassa and Rivercess, a delegation representing the Government of Liberia just returned from Asia in an effort to solicit funding for the pavement of 503 kilometers of road which is to include the construction of the “President’s dreamed Coastal Highway”. A MOU was signed between Eton Financing and the Government of Liberia for this project. When constructed, economists are projecting that this will increase Liberia’s GDP by 15-20% and boost the Country’s economy immensely.