Capitol Hill, Monrovia – President George Weah has submitted before the House of Representation for ratification, a loan agreement between the Government of Liberia and the African Development Fund.
In a communication to the House, President Weah said, under the Special Agro Industrial Processing Zone Project, the African Development Fund agrees to extend to Liberia a loan in an amount not exceeding US$7,840,000.
When ratified, the fund will be used to create a vibrant business environment for increased investment in the agro industrial sector, create opportunity for private sector investments at the industrial eve and coordinate the integration of small holder farmers and agro processing industry into sustained agro value chains. It will also improve capacities and skills to benefit from new agribusiness employment and value chain opportunities.
The duration of the loan, according to the agreement shall be 40 years including a grace period of ten years commencing on the date of the loan agreement. During the grace period, the service charge and commitment charge shall be payable.
Following the reading of the President’s communication by Chief Clerk Mildred Sayon, the plenary voted in favor of a motioned proffered by Rep. Mariamu Fofana (District #4, Lofa County) and charged its Committees on Ways, Means & Finance and Judiciary to review the agreement and report with a set of recommendation(s).
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