Liberian Entrepreneur Hails Weah’s Controversial Loan Agreement
Monrovia – The controversial US$420,810,000.00 loan agreement between the Government of Liberia and EBOMAF S.A. for road construction is still generating more debates, with some criticizing the deal while others hailing government for signing the agreement.
Report by Edwin G. Genoway, Jr., [email protected]
Some have criticized the government for signing construction agreement while ignoring Liberia’s Public Procurement Concessions Commission (PPCC) laws.
In the minds of others, the President is treading on a bad path in governing the country without allegedly respecting the laws.
But a Liberian entrepreneur, Sheik Al Mustapha Kouyateh, has hailed the agreements, saying it will help create jobs for the Liberians.
Kouyateh, who is the President and Chief Executive Officer for Farafina Investments Group Incorporated and a member of the ruling Coalition for Democratic Change, has hailed the government for sealing the agreement.
“We are commending President George Manneh Weah, Vice President Jewel Howard Taylor and members of the 54th Liberian Legislature for securing both the EBOMAF and Eton Finance PTE Limited loan agreements aimed constructing roads across the country,” he said.
Speaking to journalists at his office in Monrovia, Kouyateh noted that the EBOMAF’s loan would create 80 percent employment for skilled Liberians in the engineering profession, saying, “EBOMAF is a legitimate company registered in Burkina Faso that has done construction projects in Benin, Togo, Niger and other countries in the region.”
He continued: “This is an opportunity for Liberia, sometimes the process of securing loan from bilateral and multilateral institutions takes three to five years before funds are provided.”
Some of Kouyateh’s critics claim that the Liberian entrepreneur is seeking a sub-contract from EBOMAF S.A.
Kouyateh has had some fine words for the Burkina Faso firm, describing it as a Pan African institution.
Under the agreement already ratified by lawmakers on Capitol Hill, EBOMAF S.A. is to pave 2.56.2km roads that would connect Somalia Drive to Kesselly Boulevard and Sinkor, and Northwestern Liberia (Tappita, Zwedru, Toe Town to La Cote D’Ivoire and Zwedru to Greenville) respectively.
The project is expected to last for 36 months upon starting immediately after the initial disbursement of funds.
Kouyateh believes that Liberians will appreciate the agreement and the presence of EBOMAF in Liberia.
“I believe the presence of EBOMAF in Liberia should be glorified by Liberians”, he says, adding that as a member of the ruling party, he believes in development.
Some Liberians are apprehensive about the total loans signed with the two companies which has reached almost US$1 billion.
But the Farafina CEO argues, “If you see someone borrowing you money, even while you are in debt, it means they have trust in you.”
He described President Weah as a very credible and well-respected personality that anybody would want to do business with because of his character over the years.