Weah US$962.4m Loan Cleared

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    Following public hearings, the House of Representatives has speedily approved two loan agreements, which President George Weah signed with Asian and African companies to finance his ambitious road construction projects that target the country’s southeastern region as well as the building of important access roads in Monrovia and other parts.

    Totaling US$962.4 million, the loan is intended to pave an aggregate 759 kilometers of road.

    Of this amount, US$536.4M is being secured through Eton Financing Limited, while the remaining US$426M comes out of a pre-financing loan agreement between the government and Group EBOMAF, a West African construction outfit.

    The Chairman of the House’s Judiciary Committee Representative Fonati Koffa of Grand (Kru County) said it was unfortunate that the government has used unconventional means in securing these loans but that is the only option it has.

    “Unfortunately, conventional methods of acquiring these infrastructure rapidly may not be available. Therefore, our government has to do what is unconventional,” Representative Koffa was quoted.

    On Wednesday, the Minister of Public Works Mubutu Nyenpah held talks with members of the Ways, Means and Finance committee and implored them to ratify the financing agreement because the “nation’s road sector is a national disgrace.”

    Ninety four percent (94%) of the country’s roads network is unpaved, according to the Ministry of public works.

    Writes Titus E. Dessie