Liberia’s Weah submits legal instrument for ratification

APA-Monrovia (Liberia)

Liberia President George Manneh Weah has submitted for ratification a "Financing Agreement- Tree Crops Extension Project II (TCEP II) between Liberia and International Fund for Agricultural Development".

In his communication to Plenary on Tuesday, the Liberian leader said the total amount of the agreement is Twenty Three Million Eight Hundred Twenty Six Thousand United States dollars (US$,), and that Eleven Million Nine Hundred and thirteen thousand United States dollars (US$11,913,000) is a loan and the other Eleven Million Nine Hundred and thirteen thousand United States dollars (US$11,913,000) a grant.

President Weah indicated that the objective of the agreement is to increase income and improve the livelihood of poor smallholder cocoa producers and their households.

According to the communication, the agreement when ratified will target Lofa and other Counties and that it is expected to benefit about 15,000 households of which 10,000 households will be cocoa
smallholder farmers and the remaining 5,000 rural households will benefit from improved roads, input supplies, market linkages and spillover effects along the value chain.

The lead project agency, according to the communication, shall be the Ministry of Agriculture (MoA

The Liberian leader said, the loan shall be free of interest but bear a service charge of three fourths of one percent (0.75 percent) per annum payable semiannually (On each February 15 and August 15) in United States Currency, and shall have a maturity period of forty (40) years, including a grace period of ten(10) years starting from the date of approval of the loan by the fund's Executive Board.

"Honorable Speaker, I trust that the legislature will ratify this Agreement which seems to provide employment and drive our Pro-Poor Agenda for the good of our people", the communication noted.


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