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Liberia, Saudi Fund sign US$20m Loan for RIA

Jonathan Grigsby/Joseph T. Koon
The face of the Roberts International Airport
The face of the Roberts International Airport

(elbcradio.com/Apr. 22, 2015)-The Liberian Government and the Saudi Fund for Development have signed US$20m Loan Agreement.

Under the Agreement, the fund will be used for the rehabilitation of the Runway of the Roberts International Airport (RIA).

The RIA is Liberia’s biggest airport located in Margibi County, about 28 miles away from the capital, Monrovia. The signing ceremony took place recently at the Annual Meeting of the International Monetary Fund (IMF), the World Bank in Washington D, C.

Finance and Development Planning Minister, Amara Konneh, signed on behalf of Government, while the Vice Chairman of the Saudi Fund for Development, Yousef Al-Bassam, signed for his institution.

Minister Konneh said: “We Commend the Saudis for accepting Government‘s appeal for assistance and that all necessary modalities will be put in place to commence the RIA Runway Project”.

“The Government of Liberia will contribute US$3 m to complete the required financing of the project, “the Finance and Development Planning Minister said.

For his part, Mr. Al-Bassam expressed his entity’s preparedness to provide assistance to Liberia in the infrastructure development of major public facilities in the country.

The Saudi’s fund is part of a 57 million United States for rehabilitation works for developing countries.

Already, the Liberian Government has concluded arrangements with European Investment Bank and the Arab Bank for Economic Development to assist bidding the funds.

In a related development, the Finance and Development Planning Minister earlier signed similar agreement with the European Investment Bank to provide 27m United States Dollars.

He said the Government of Liberia has also signed an additional 10m United States Dollars with the Arab Bank for Economic Development to complete the financing target.

Meanwhile, Minister Konneh has appealed to several financial institutions, including the Saudi Fund for Development, for more funding for the pavement of the Gbarnga-Mendikoma Highway.

 


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