By Bill W. Cooper
President George Weah has submitted to the House of Representatives for rectification a financing agreement “Liberia Sustainable Management of Fisheries Project” between the government of Liberia and the International Development Association (IDA).
In a communication to that august body, the Liberian leader disclosed that the association agrees to extend to Liberia a grant and credit to be deemed as Confessional Financing.
The Liberian Chief Executive pointed out that a Whooping US14 million Special Drawing Right (SDR) as grant and US20 million as credit, and noted that it’s intended to improve fisheries management and enhance livelihood and income for government and targeted beneficiaries, with the National Fisheries and Aquaculture Authority (NaFAA) serving as the implementing entity.
According to him, the agreement when rectified seeks to strengthen the institutional and human capacity of national and subnational fisheries institutions as well as to also strengthen the capacity of NaFAA for management of information in fisheries sector.
“This project will also improve the management of marine fisheries; carry out a program of activities to integrate communities in decision making including the process of inclusive and sustainable development of the fisheries sector of Liberia,” he said.
President Weah further maintained that the project will also improve value addition of fish products as well as provide support to aquaculture development among others in Liberia.
He further noted that the maximum committed charge rate is one half of one percent (1/2 of 1%) per annum on the Unwithdrawn Financing Balance, adding, “the principal payment dates are February 15 and August 15 in each year commencing February 15, 2028 to and including August 25, 2029 at 1.5625%.”
Meanwhile, following the reading of the communication, the plenary through a motion by Montserrado County District 8 Representative, Moses Acarous Gray then forwarded the instrument to its Committee on Ways, Means Finance and Development, Agriculture and Investment to report within two weeks.
By Bill W. Cooper