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Pres. Sirleaf submits agreement for Gbarnga/Salayea Rd

Patrick Flomo/Joseph T. Koon
President Ellen Johnson-Sirleaf
President Ellen Johnson-Sirleaf

MONROVIA, LIBERIA- The citizens of Bong and Lofa Counties stand to benefit from a modern road shortly if a loan agreement is ratified by the National Legislature.

Recently, the Liberian Government and the Arab Bank for Economic Development in Africa signed a 20-million Loan Agreement for the pavement of the Gbarnga-Salayea Road.

As a consequence of this latest development, President Ellen Johnson Sirleaf has already submitted the loan agreement to the National Legislature for ratification.

In a communication to the Legislature Tuesday, June 28, 2016, President Sirleaf said: “The agreement is intended to generate financing for the rehabilitation of the Gbarnga-Salayea Road.”

“Proceeds of the loan would supplement funds being requested from other financing institutions to develop and pave the existing gravel road,” she said.

The road, when completed, will improve accessibility and connectivity and reduce travel costs for residents of Bong and Lofa Counties.

The Liberian leader said: “Government shall pay interest at the rate of one percent per annum on the principal amount of the loan withdrawn and outstanding.”

‘” The interest and other eventual charges shall be paid semi-annually, while the date of payments will be fixed on the basis of the first day of the month following the first withdrawal from the loan account, “she noted.

According to the President, government shall repay the principal amount of the loan in 40 semi-annual installments as contained in the agreement after a grace period of ten years.”

“ I am seeking the indulgence of the Legislature for the speedy ratification of the agreement, considering the nation's urgent need to develop, expand and integrate Liberia's road networks to reduce travel time and cost,” the Liberian Leader emphasized.

The Gbarnga -Salayea Road Project is among several road projects, including the Somalia UN Drive Road, Gbarnga- Menikoma Road, Monrovia-Gbarnga Road, among others.

 


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