Gov’t, EBOMAF Sign US$426 Pre-Financing Loan Agreement

President George Manneh Weah has submitted a new Pre-Financing Loan Agreement in the tone of US$426 Million entered into between the Government of Liberia and Group EBOMAF to the National Legislature for ratification.

Under the Agreement the loan will be financed by EuroBond, redeemable after 15 years with a 5-year grace period and a 10-year interest only on payment.

The loan, when ratified will be used for the construction of 256.2 kilometers of paved roads and bridges in Monrovia and major corridors of the interior of the country. Group EBOMAF will begin pre-financing the road project within three months after the agreement is ratified.

The roads to be constructed upon ratification through this agreement are as follows: The Sinkor to Kesselley Boulevard elevated Road, Zwedru to Greenville, Toe’s Town to Ivorian Border, and Tappita to Zwedru.

With the acquisition of this pre-financed agreement, coupled with the agreement to pave 503 kilometers of roads connecting the coastal cities as well as parts of Western Liberia, President

Weah’s administration is poised to construct more kilometers of paved roads within his first term as President than the entire kilometers of paved roads that have been constructed by all previous administrations combined; within the over 170 years of Liberia’s existence as a sovereign nation.

This decision has been fully endorsed by the Cabinet and by virtue of this agreement, Liberia stands to gain a great deal of economic growth through the creation of jobs as well as a significant increase to Liberia’s GDP.

Mahamadou Bonkoungou/GROUPE EBOMAF

Groupe EBOMAF is owned and operated by Mahamadou Bonkoungou, the gentleman who recently help President George Weah with the plane for travelling.

President George Manneh Weah recently denied after being alleged of purchasing a private jet in the country, but said the plane was given by his friend.

“The airplane they are talking about is for my friend, who is the manager of a big company in Burkina Faso. He told me to use it anytime I want to travel because he has seen me use planes owned by Ivory Coast and others. He wants me use a plane that is not labeled to boost my moral too,” the Liberian President added.

However, in just less than three weeks, the Liberian Government headed by President George Manneh Weah has entered into a pre-financing loan agreement in a tone of US$426million with Groupe EBOMAF, a company owned and operated by Mahamadou Bonkoungou, his friend who recently helped him with the plane.

This agreement according to Many political pundits, was the sole intent of Bonkoungou in giving the plane to President George Weah as part of something to influence his decision.

Bonkoungou who owns the airline, Lisa Transport International is also the chief Executive Officer of Groupe EBOMAF, that is involved in road construction.

In his interview with the West African Democracy Radio(WADR)last week, Bonkoungou said there was no strings. He later dismissed suggestions linking his gift of a plane to President Weah as a premise for getting a road construction contract.

Sam Mannah, Presidential Press Secretary:

When contacted, Presidential Press Secretary Sam Mannah admitted that the company belongs to Bonkoungou, but said it is not a crime to award contract to someone who is willing to pre-finance a road construction project.

Mannah said Groupe EBOMAF is willing to commence the work in three months once the loan agreement is ratified by the Liberian Government.  According to him, Bonkoungou has realized that President George Weah means well for his country and as such, he (Bonkoungou) is willing to help President Weah in this regard.