By: Laymah Kollie
The Liberian Senate has approved a US$20 million loan agreement in alignment with the House of Representatives.
The move signifies a significant step towards enhancing regional connectivity and promoting trade, the
The decision, made on Wednesday, aims to improve transport corridors between Ivory Coast and Liberia, fostering economic growth in the region.
Among other things, the ratification marks a pivotal moment as it sets in motion a transformative infrastructure project under the Mano River Union framework, which comprises Liberia, Ivory Coast, Sierra Leone, and Guinea.
The agreement reflects a commitment to regional cooperation and the collective goal of developing trade corridors that strengthen economic ties among the member states.
During its 40th day session, the Senate validated the initiative after receiving positive recommendations from its joint committees on Transport, Ways, Means, Finance, and Budget.
The collaboration among these committees underscores the multifaceted approach involved in addressing infrastructure challenges facing the nation.
As part of the agreement, The loan will specifically finance the comprehensive upgrade of a 48.5-kilometer section of road running from James Davies Town to Zwedru along the Liberia-Ivory Coast border.
The upgrade will transform the road into an all-weather route, significantly improving transport efficiency and reducing travel times, which are currently a challenge for commuters and transporters alike.
Additionally, the initiative includes the rehabilitation of the Liberia-Sierra Leone border control station, the introduction of digital customs and trade systems, and the implementation of the SIGMAT regional customs transit system.
These measures in line with the agreement aim to streamline border processes and enhance trade facilitation.
Moreover, the agreement will see Capacity building for customs officials, inter-agency coordination, and support for the Mano River Union Secretariat’s efforts to enhance regional oversight and training will also be integral parts of this project highlighting that the comprehensive strategy reflects a commitment to ensuring that regional systems are equipped to handle increased traffic and trade.
The loan agreement, signed between the OPEC Fund for International Development and the Republic of Liberia, now awaits the President’s signature before implementation can commence.
Once activated, the project is expected to foster bipartisan support for broader regional growth initiatives, further highlighting the importance of infrastructure development in achieving sustainable economic progress.
At the same time, The approval of the US$20 million loan agreement represents not only a crucial investment in Liberia’s infrastructure but also a broader commitment to strengthening regional connectivity in West Africa.
By enhancing transport efficiency along the Ivory Coast-Liberia corridors, this initiative is set to have far-reaching impacts, supporting local economies, improving access to services, and ultimately contributing to the prosperity of the region.
