-As a lawmaker walks out of session
By Mark N. Mengonfia
Amidst questions raised about the deal in some quarters, members of the House of Representatives have unanimously voted to approve the US$ 536.4 million Eton financing commercial loan agreement for the construction of the coastal highway.
Eton is a Singapore company.
The agreement was almost unanimously approved on Tuesday after a report from the House Joint Committee on Ways Means and Finance comprising fifteen lawmakers from the fifteen political divisions of Liberian.
One member of the House, Montserrado County District number 10 Rep, Yanquoi Kolubah, who is strongly opposed to the deal, walked out of the session shortly before the vote was taken.
The report from the committee was jubilantly received by majority members of the House of Representatives thus receiving 48 votes to allow it pass as an instrument that will aid with the development of Liberia.
Speaking before the passage of the loan agreement, the Chairperson of the House of Representatives Joint Legislative Committee on Ways, Means and Finance, Thomas Fallah of Montserrado County district #5 said they went through all the integrity checks of the agreement and concluded that the loan will benefit the people of Liberian when it is used for the purpose intended for.
According to him, with every member of the committee signing the report which recommended for the passage of that legislative instrument shows that Liberians have agreed and waiting to see the money directed in the right direction.
According to him, their concern as the people’s direct representatives is for the executive to use the money for the reasons for which it was borrowed for adding “we will hold their feet to the fire”.
President George M. Weah forwarded to the Liberian Legislature a loan agreement, ratification request in the tom of US$ 536,400.00 to be paid in 15 years at an interest rate of 1.45% per annum within a 7-year interest and principal free grace period.
In the loan ratification request between the Eton Finance PTE of Singapore and the Liberian government send to members of the Liberian legislature, President Weah said that the objective of the loan is to finance the Coastal Corridor connection of County Capitals Road project, construction of the Buchanan to Cestos City, to Greenville and to Barclaryville Roads.
The President also indicated in the communication to both the House of Representatives and the Liberian Senate that the loan agreement, when ratified by them, is also going to connect the Barclayville-Sasstown Road, the Barclayville-Pleebo Road, the Robertsport road and the Tubmanburg-Bopolu Road.
According to the Liberian leader, when approved, the funding is also going to construct rest stops and roadside service areas, the construction of a vocational training center in Greenville, Sinoe County.
The proposed money is also expected to build mini sport stadiums in Harper, Barclayville, Greenville, Cestos City Zwedru Robertsports and Bopolu cities.
According to the Liberian leader, the contractor of the project shall be the JVC or Consortium comprising MAEIL Liberia Construction Co. Limited, a major Chinese Engineering, procurement and operation Company and concentrator(s), comprising Liberian-owned and operated construction and engineering companies, which are all going to be vetted and confirmed by the Ministry of Public Works in respect of their technical capabilities.
President Weah said in the communication addressed to the Speaker as saying: “Honorable Speaker, trust that the Legislature will ratify this agreement which seeks to provide employment, build our infrastructures, and strengthen or union, and drive our pro-poor agenda for the good of our Liberian people”.
Senate Pro tempore, Albert T. Chie recently informed Liberians that the Coastal Highway project was unachievable and that there was no funding to ensure that the project is implemented, but with the proposed US$ 536,400.00(Five hundred thirty six million- four thousand United States dollars, Liberians are convinced that the project will be achieved in the near future.
Following the passage by the House of Representatives, Speaker Bhofal Chambers instructed the Chief Crack of the House of Representatives to forward the instrument to the Liberian senate for concurrence.
When eventually ratified by both Houses, the Eton loan deal will be approved by the President and later printed into Handbill, thus becoming law.