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National Legislature: Joint Chambers debate Eton Loan

Francis Pelenah/ Jos Garneo Cephas
A scene at the Capitol Building in Monrovia.
A scene at the Capitol Building in Monrovia.

MONROVIA, LIBERIA -Public hearing on the Eton Finance Loan Agreement has taken place in the Joint Chambers of the National Legislature, at the Capitol Building with several Senators debating the essence of the loan if it is to be secured by the Government of Liberia.

The Eton Finance Loan in the tune of more than US536m is expected to be pre-financed for the construction of major road infrastructure across  Liberia, including the Ghanta, Nimba County to Zedru, Grand Gedeh County.

At the same time, the road from Buchanan, Grand Bassa County, will link Rivecess County from where Sinoe County is expected to be connected to Sass Town, among other areas in south eastern Liberia.

In their various contributions to the debate, Bomi County Senator, Morris Saytumah said: he feels comfortable with the Bank Guarantee given by the Central Bank of Liberia in support of the Eton Finance Loan agreement.

A bank guarantee is a sum of money to a beneficiary that is only paid if the opposing party does not fulfill the stipulated obligations under the contract.

Sen. Saytumah said: “The current guarantee provided by the CBL, has limited exposure as compared to the sovereign guarantee”.

He also expressed delight at the clarification provided by the Minister of Justice on the legality of the deal.

For his part, Sinoe County Senator, Jay Milton Teahjay, said: “I trust the judgment of the Executive about the true intent of the Eton Finance Loan agreement, with roads topping the agenda, I am not prepared to stand in the way of development for the people of Liberia”.
“Liberia is at war with poverty and the bold step taken by President George Weah should be embraced by everyone, Sen. Teahjay stressed”.

He believed the loan agreement to pave all major road corridors in the country will solve a problem that has been around for 170 years.

The two senators amongst others who spoke Monday, June 4, 2018, at the Public hearing in Monrovia, believe Liberia is about to be redeemed from decades of deprivation.

Sen. Teahjay compares President Weah’s development plan to the Marshall Plan put together to reconstruct Europe after the War World-Two.

 


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