Home News International News Liberia Gets Initial $50M EBID Loan To Pave Coastal Corridor

Liberia Gets Initial $50M EBID Loan To Pave Coastal Corridor

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The desire of President George M. Weah and his Coalition for Democratic Change (CDC) led government to lift people from the scourge of poverty by connecting major economic hotspots with paved roads seems to be well on course-especially with the signing of an initial $50 m financing facility to begin construction works on the 96.6 kilometers road corridor from Barclayville through Sasstown to Sinoe County in the Southeast.

In December 2018, the government of Liberia and the ECOWAS Bank for Investment and Development (EBID) signed an aide-memoire which represents a firm commitment of EBID to put at the disposal of the government a $100 million to be used for the construction of phase one of the coastal highway project.

And on Tuesday July 30, 2019, during the Board of Directors meeting held at the Bank’s headquarters in Lome, Togo, Augustus J. Flomo, Deputy Minister for Economic Management at the Ministry of Finance and Development Planning (MFDP) on behalf of the government of Liberia signed an initial $ 50 m loan agreement with the bank.

The initial financing for the Coastal corridor which is considered as a signature road project announced by President George M. Weah is expected to further boost the President’s desire to connect all counties with paved roads which could spur economic growth and development across the country.

During the signing ceremony, Deputy Minister Flomo thanked the bank for the support which he said is in line with the government of Liberia Pro-Poor Agenda for Prosperity and Development (PAPD) which he emphasized is meant to get over 1 million people out of poverty.

He also recounted the Government’s commitment to the infrastructural development of Liberia with emphasis on road construction and others.

Also, President of EBID Mr. Bashir Mamman Ifo expressed the Bank’s continuous support to the development of Liberia and committed that they will work with the Government of Liberia to see the success of the project.

The US $50 Million facilities are expected to finance civil works of 50km of road construction between Barclayville-Klowne and Sasstown on the Southeastern corridor.

 

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