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Lower House ratifies three loan agreements

LINA/ elbconline withfile

( 3, 2015)-The House of Representatives has ratified three Loan Agreements totaling US$60, 300,000.

The Loan Agreement is aimed at improving the Roberts International Airport (RIA) in Margibi County.

The document’s ratification took place Tuesday, June 1, 2015 at the Capital Building, the Liberian Capital in Monrovia. The Capital Building is the official office, where the Liberian Legislature functions.

The loan agreements are between the Republic of Liberia and three international financial institutions, including the Europe Investment Bank US$27, 300,000, Saudi Fund for Development US$ 20, 000, 000 and the Arab Bank or Economic Development in Africa US$ 10,000, 000.

The Members of the Lower House voted 36 for, one against, and three abstentions to ratify the agreements.

The ratification took place after the House’s Joint Committee on Ways, Means and Development Planning and, Judiciary and Transport submitted their report to Plenary.

Plenary then turned the agreements over to the Joint Committee for scrutiny on February 17, 2015, following their submission to The House by President Ellen Johnson-Sirleaf for ratification.

The Committee said when ratified the loan agreements will improve the economic recovery process of the country, including the infrastructure development of the RIA and will create employment opportunities for Liberians.

Projects to be undertaken under the agreements include the RIA Runway’s rehabilitation, improvement of the drainage systems in the city, construction of Runway End Safety Areas, and replacement of the runway lights, among others.


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