Members of the House of Representatives have signed a resolution mandating the executive branch of government to secure loan for the construction of major road corridors across the country.
The resolution, which was unanimously voted for authorizes the President of the Republic of Liberia to employ all legal and legitimate means in securing Loan Financing Agreements for the construction of paved roads leading to all 15 counties of Liberia.
The House of Representatives recently ratified two separate loan Loan/Financing Agreements, US$536.4Millions Eton Finance PTE LTD, as well as US$420.8Million EBOMAF SA.
The resolution did not state the specific amount of the Loan/Financing Agreement.
1986 Constitution states, “No loans shall be raised by the government on behalf of the Republic or guarantees given for any public institution or authority otherwise, then by, or under the authority of Legislative enactments”.
Many observers believed that the lack of road connectivity is a key factor that has impeded the development of the country since gaining its independence.