Mon - Fri: 9:00 - 17:00
Sat-Sun Closed
Broad & Mechlin Street
info@mfdp.gov.lr

Government of Liberia signs Landmark Loan Agreement to Pave Gbarnga-Salayea Road

OFDIMonrovia, Liberia - The Liberian Government has signed a landmark Loan Agreement with the OPEC Fund for International Development (OFID) for the immediate pavement of the Gbarnga-Salayea Road. 

Liberia’s Finance and Development Planning Minister, Amara Mohammed Konneh and Mr. Suleiman J. Al-Herbish, Director General of the OPEC Fund for International Development on Monday, February 22, 2016 in Vienna, Austria signed the landmark Loan Agreement worth US$20 Million to support the pavement of the first phase of the Gbarnga-Mendikorma Road project.
The road project which is significant, given the importance of agricultural activities in that part of the country, will also accelerate regional trade and commerce, as well as the overall economic development of Liberia.
According to an MFDP dispatch, the signing which awaits timely ratification of the National Legislature is an excellent opportunity that will open up the North-Western Part of Liberia, signifies a positive step taken by the Ellen Johnson Sirleaf Administration through the Ministry of Finance and Development Planning in delivering development targets under the Agenda for Transformation.
In remarks, Minister Konneh said “I am pleased to sign this historic financing document, building on the many achievements of this administration under President Ellen Johnson Sirleaf and bringing development to the North-West of our country. This is the first step towards paving the road from Gbarnga to Mendikoma, linking the country together” the excited Minister declared during the signing ceremony in Vienna, Austria on Monday.
Minister Konneh maintained that the government acknowledges the paving of the road from Gbarnga to Salayea will directly contribute to economic and social development of Liberia through expansion and integration of road networks, which would reduce travelling time and cost; improving accessibility, achieving road safety and security, and ultimately improving the standard of living of the inhabitants of Bong and Lofa counties.
The MFDP dispatch noted that the agreement signed on Monday will provide US$20 million into a pool of funds meant for the pavement of 81 km of the road from Gbarnga to Salayea which is the first section of Lot 1 between Gbargan and Salayea at the total project cost of US72 million.
The dispatch indicated that the MFDP is working with Public Works Ministry and other partners, including the Arab Bank for Economic Development in Africa (BADEA), The Saudi Fund for Development (SFD), and the Abu Dhabi Fund for Development (ADFD) as well as the Kuwait Fund for Arab Economic Development (KFAED) to fiancé the rest of the road project.
For his part, the Director General of the OPEC Fund for International Development (OFID), Mr. Suleiman J. Al-Herbish who welcomed Minister Konneh and delegation said the loan is intended to raise the standard of living of the population in the two counties, including Lofa and Bong to reduce time and cost for travel, improve accessibility and achieve security and safety on the road.
He however thanked the Liberian delegation for the visit and subsequent signing of the agreement while at the same time pledging the Fund’s support to Liberia’s development.
It can be recalled, the Liberian Government in September 2015 hosted a delegation of Arab lenders, including the OPEC Fund for Development (OFID), the Arab Bank for Economic Development in Africa (BADEA), the Saudi Fund for Development (SFD), and Kuwait Fund for Arab Economic Development (KFAED).
These Arab lenders did an appraisal of the road project and committed their willingness to finance the Gbarnga-Mendikoma Highway Reconstruction Project.
The Cooperation between OFID and Liberia started in November 1978 when a project loan for an amount of US$3 million was approved by the Government Board. Since then, OFID has extended to your esteemed country 4 loans for a total of amount of US$36.3 million.
These were in support of the energy, transport and industry sectors with additional benefits of seven (7) regional grants to Liberia.

Latest Press Release

12 December 2019
Press Release
On December 11, 2019, the Executive Board of the International Monetary Fund (IMF) approved a four-year arrangement under the Extended Credit Facility (ECF) for Liberia in an amount equivalent to SDR 155 million (60 percent of quota or about US$ 213....
10 December 2019
Press Release
Hon. Augustus J. Flomo, Deputy Minister for Economic Management at the Ministry of Finance and Development Planning believes that the agriculture value chain will enhance job creation, economic expansion, as well as ensuring the domestic revenue capa...

Calendar

Wait a minute, while we are rendering the calendar
Location

P. O. Box 10 - 9016
Broad & Mechlin Street
1000 Monrovia
info@mfdp.gov.lr

Subscribe

Get updates and important events straight to your inbox. We don't spam

© Copyright 2019 | Ministry of Finance and Development Planning | . All Rights Reserved.

Search