Hope Rekindled For Coastal Highway – As GoL, EBID Signed US$50m Loan

Prime News

Desire of President George Manneh Weah’s Coalition for Democratic Change (CDC) led government to lift the Liberian people from the scourge of poverty through road connectivity with paved roads seems to be well on course as witnessed by the signing of an initial $50 million financing facility to begin construction works on the 96.6 kilometers road corridor from Barclayville through Sasstown to Sinoe County in the Southeast.

It all started in December 2018, when 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.

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

The initial financing for the coastal corridor which is considered as a signature road project announced by President 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’s Pro-Poor Agenda for Prosperity and Development (PAPD). The deputy minister also emphasized that the project is meant to get more than one million people out of poverty.

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

On his part, the President of EBID, Mr. Bashir Mamman Ifo, expressed the EBID’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 facility is expected to finance civil works of 50km of road construction between Barclayville-Klowne and Sasstown on the Southeastern corridor.