Monrovia – The Liberian Senate has concurred with the House of Representatives on the ratification of an act to ratify the loan agreement between the Republic of Liberia and the OPEC Fund for International Development (OFID) for the upgrading of the Gbarnga-Salayea road project.
Report by: Henry Karmo (0886522495) [email protected]
In a report from the Senate’s Committees on Judiciary, Claims, Petitions and Human Rights, Foreign Affairs and Ways, Means, Finance and Budget, the loan agreement was recommended to be ratified.
“In light of this and in accordance with its statutory responsibility, coupled with the mandate from the plenary of the Senate, the committee therefore recommends that the Senate concurs with the House or Representatives to ratify the entitled agreement,” the committee report recommended.
The Government of Liberia signed a landmark loan agreement with the OPEC Fund for International Development (OFID) for the immediate pavement of the Gbarnga-Salayea Road.
Then Liberia’s Finance and Development Planning Minister, Amara Mohammed Konneh and Mr. Suleiman J. Al-Herbish, Director General of the OPEC Fund for International Development on February 22, 2016 in Vienna, Austria signed the landmark Loan Agreement worth US$20 Million to support the pavement of the first phase of the Gbarnga-Mendikorma Road project.
The road project, which is significant given the importance of agricultural activities in that part of the country, will also accelerate regional trade and commerce, as well as the overall economic development of Liberia.
According to Mr. Konneh, while making a case of the loan agreement at the time, the agreement is an excellent opportunity that will open up the North-Western Part of Liberia, signifying a positive step taken by the Ellen Johnson Sirleaf Administration through the Ministry of Finance and Development Planning in delivering development targets under the Agenda for Transformation.
The agreement provides US$20 million into a pool of funds meant for the pavement of 81 km of the road from Gbarnga to Salayea which is the first section of Lot 1 between Gbargan and Salayea at the total project cost of US$72 million.
The Ministry of Finance and Development Planning (MFDP) is working with the Ministry of Public Works and other partners, including the Arab Bank for Economic Development in Africa (BADEA), The Saudi Fund for Development (SFD), and the Abu Dhabi Fund for Development (ADFD) as well as the Kuwait Fund for Arab Economic Development (KFAED) to finance the rest of the road project.
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