MONROVIA, Feb 26 (LINA) - President Ellen Johnson Sirleaf has submitted to the House of Representatives for ratification a Loan Agreement between the National Port Authority (NPA) and the Kuwait Fund for Arab Economic Development.

In a communication, President Sirleaf said the ultimate goal of the project is to support economic activities in the Southeastern Region of Liberia and meet the increasing demand to ship and export products from the region.

The communication addressed to House Speaker Alex Tyler and read in session Tuesday, informed lawmakers that the products to be shipped and exported through the Greenville Port include palm oil, timber and iron ore.

The President in the communication said the project involves rehabilitation work required to fully open the port, removal of wrecked ships, construction of port roads, container yard, rehabilitation of buildings and utility networks, installation of security system and navigational aids.

Madam Sirleaf indicated that the project also includes the procurement of marine craft and cargo handling equipment, consultancy services for design and supervision of institutional works and international support.

According to the Liberia News Agency (LINA), the cost of the project is put at US$14 million and is expected to be completed by May, 2015.

The project is geared towards bolstering economic activities along the southeastern corridor of Liberia, thereby contributing to the economic development of the country.

Following the reading of the communication, Montserrado Representative Munah Pelham made a motion for the instrument to be accepted and turned over to the committees on Concession, Judiciary and Maritime to review and report to Plenary in two weeks.

The motion was sustained.

LINA HVW/TSS/PTK