Liberia: Government, ECOWAS Sign US$100 Million to Begin Coastal Highway
MONROVIA – The Liberian Government and the ECOWAS Bank for Investment and Development EBID over the weekend signed a US$100 million agreement to begin the first phase of the much-talk-about costal highway.
By J.H. Webster Clayeh 00231770745986 [email protected]
Minister of Public Works Mobutu Nyepan signed on behalf of the Liberian Government while J. Doe-Weah Wallace, Transport Economist Consultant of ECOWAS signed on behalf of ECOWAS Bank for Investment and Development.
Speaking at the signing ceremony at the Boulevard Place in Sinkor the Minister of Public Works Mobutu Nyenpan said the signing of the US$100 million dollars loan deal came about as a result of President George Weah’s meeting and discussions with the President of the ECOWAS Bank for Investment and Development Bashir Ifo.
According to Minister Nyenpan, the Liberian Leader made a lone request to the bank’s president to begin the construction of the coastal highway.
After the discussion between President Weah and EBID president, the MPW Minister said the bank was able to dispatch its technical team to consummate arrangement for the availability of the loan to Liberia.
According the government of Liberia and the technical team of EBID there was consultative meeting for over a week.
Minister Nyepan said: “And so, therefore, we have gathered here today to sign a very significant and historic document, an aide memoire for a 100 million dollars loan.”
“This aide memoire represents a firm commitment of the ECOWAS Bank for Investment and Development to put at the disposal of our government a 100 million United States dollars to be used for the construction of phase one of the coastal highway project beginning from Barclayville through Sass Town in Grand Kru County to Sineo County, totaling 96.6 kilometer.”
According to the Minister, the project will begin in the middle of 2019 and completed by the end of 2021.
Also, the Transport Economist-Consultant J. Doe-Weah Wallace said he and his colleague had had successful discussions with the government of Liberia in term of financing and implementation of the phase one of the coastal highway projects.
According to Wallace, his colleague has left for the EBID Headquarter in Lome, Togo adding that he has stayed to continue the financing arrangement to the end.
“Following the signing of the aide memoire, I will be here for couple of days probably a week to continue the preparation of the follow-up documents that the Liberian government and the bank will be looking at for the final determination on the way forward,” Wallace said.
There is no specific amount of interest rate on the US$100 million dollars loan arrangement between the government of Liberia and that of the EBID.
The US$100 million signing between the Liberia and the Ecowas bank follows the failure of the much-criticized Eton Financing Limited and the Ebomaf loans.
The Eton Financing Limited loan deal amounts to US$536 million and an estimated interest rate of 12 percent while the Ebomaf loan deal of US$426 has the interest rate of 6.5 percent interest rate.