By Reuben Sei Waylaun
President George Manneh Weah has written the House of Representatives for the ratification of additional financing agreement for the West African Power Pool (WAPP) interconnection project Cote d’Ivoire, Liberia, Sierra Leone and Guinea (CLSG).
The Liberian leader reminded the lawmakers that the original international development assistance loan (IDA) for the implementation of the regional project is SDR94,9000,000 or US$147million negotiated in March 2012, but the amount of the project increased between the period 2012 and 2016 due to the Ebola epidemic in the Mano River Basin impasse and other economic factors.
He said the amount of the additional financing allotted to Liberia is US$45.3million. “This agreement was signed on December 11, 2017 and it comprises a grant of US$22.6million and loan of US$22.7million. The maximum commitment charge rate is one half of one percent and the service charge is the greater of the sum of three-fourth of one percent per annum on the withdrawn credit balance with payment dates of February 15 and August 15 in each year,” he said in the communication.
The objective of this project according to the President is to support government’s effort in providing reduced and affordable cost of electricity that will be efficient and reliable for the Liberian people in both the rural and urban areas.
“This project when ratified will provide a range of opportunity for Liberia. Liberia can use the transmission line to transport electricity to other countries and other concessionaires within the power line range which amounts to revenue generation. This is significant to our economic recovery program and I trust that the legislature will ratify this agreement in a timely manner,” he added.
The communication was read and sent to the committees on ways, means, finance and development planning, judiciary and lands, mines, energy and natural resources to report in two weeks.