The loan, intended to co-finance the rehabilitation of the Roberts International Airport (RIA), is in the amount of US$10 million, the Liberia News Agency reports.

In a communication to House Speaker J. Alexander Tyler dated March 25,
2015, President Sirleaf explained that the interest rate on the loan is one percent per annum on the principal amount withdrawn and outstanding from time to time.

The Chief Executive also informed the House that interest and other eventual charges shall be payable semi-annually.

According to the President, government shall repay the principal of the loan in 40 semi-annual installments after a grace period of 10 years from the first day of the month following the first withdrawal from the loan account.

“In view of the important purpose of this financing arrangement and the need to rehabilitate the Roberts International Airport runway, I ask your ratification of this
instrument,” President Sirleaf said.

Following the reading of the letter in session on Tuesday, Plenary sent it to the Committees on Ways and Means and Judiciary for review and recommendation with the mandate to report in two weeks.

It can be recalled that in 1942, Liberia signed a Defense Pact with the United States under which the RIA was constructed along with other projects related to US military interests.
The airport was originally built by the United States Government as an Air Force base.

From 1943 to the end of World War II in 1945, the Robertsfield Airport, as it was then known, served as an alternative base for a 26 squadron which flew Vickers Wellington Bombers on anti-submarine over the Atlantic.
LINA