The Honorable House of Representatives Thursday, November 30, 2023 mandated its committees on Investment and Agriculture to review and make report to plenary in an Integrated Fisheries Sector Strengthening Project – Financing Agreement between the OPEC Fund for International Development and the Republic of Liberia.
Plenary’s decision followed a communication from President George Weah submitting for ratification to the Honorable House of Representatives- HOR, a bill titled: Integrated Fisheries Sector Strengthening Project – Financing Agreement between the OPEC Fund for International Development and the Republic of Liberia.
President Weah said, under the project, which was signed on October 26, 2023, the OPEC Fund has approved for the Republic of Liberia a loan Twenty Million Dollars for ($20,000,000.00) and a grant in the amount of Two Hundred and Forty Thousand Dollars ($240,000.00).
According to the Liberian Leader, the aim of the 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”, he added.
President George Weah said, 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 maintained.
Meanwhile, the communication, forwarded to the committees on Investment and Agriculture to report next week Tuesday.
