In West Africa, the government of Liberia and the International Development Association (IDA) signed a $2 million loan agreement in Monrovia on Tuesday.
The loan will be put towards Liberia’s Renewable Energy Access Project (LIRENAP), which will increase access to electricity and foster the use of renewable energy sources, has been submitted to the House of Representatives for ratification, Liberian Observer reported.
Liberian Observer reported: “In a communication to members of the House of Representatives, President Ellen Johnson said the maximum commitment charge rate payable by the government on the withdrawn credit balance shall be one-half of one percent per annum, and the service charge payable on the withdrawn credit balance shall be equal to three-fourths of one percent per annum.”
According to media, the President said that the principal amount of the credit shall be repaid in dollars in accordance with the repayment schedule set forth in the agreement.
“Honorable Speaker, this loan is critical to the implementation of our economic stabilisation recovery plan. Hence, l ask your timely ratification on this important instrument,” the President wrote.
In recent news, the Environmental Protection Agency (EPA) concluded a meeting with residents of Grand Bassa and Bong Counties on the environmental and social impact of the construction of a 120MW hydropower dam.
It has been concluded that the dam, which will be constructed over St. John River, will negatively impact several communities, burial fields and crop fields.
The meeting, which was held in District # 3 C, Grand Bassa County on Thursday, April 6, 2016 on behalf of Chinese firm HydroChina, attracted representatives from the Ministry of Land, Mines and Energy, Liberia Maritime Authority, Forestry Development Authority, (FDA), Liberia Electricity Corporation (LEC), Bong and Grand Bassa Legislative Caucuses and local authorities, Front Page Africa reported.