By Precious D Freeman
President George Weah has submitted for ratification by the Legislature, a bill titled “Integrated Fisheries Sector Strengthening Project – Financing Agreement between the OPEC Fund for International Development and the Republic of Liberia.”
According to the President’s communication, under this Project, which was signed on October 26, 2023, the OPEC Fund has approved for the Republic of Liberia a loan in the amount of US$20,000,000 and a grant in the amount of US$240,000.
He added that the aim of this Project is to improve fisheries management while enhancing the livelihood and income of Project beneficiaries.
“As you may be aware, the OPEC Fund was facilitated by the World Bank as a co-finance to the US$40 million Liberia Sustainable Management of Fisheries Project (LSMFP), which was ratified by the fifth session of this 54th Legislature on December 22, 2022. However, the co-financing did not materialize due to a situation that arose between the World Bank and OPEC Fund, prompting restructuring of the loan and grant, with the change of the project name and addition of new activities,” President Weah explained.
He continued, “Nevertheless, the amount previously ratified by the Legislature remains the same with the same Financing Agreement, but there are changes in the start date of repayment by one year, from October 15, 2027 to September 15, 2028.
“Honorable Speaker, I trust the Legislature will ratify this financing agreement which will improve fisheries management, and is critical to the implementation of our Pro-poor Agenda for Prosperity and Development,” he said.
