Senate Ratifies US$23m Additional Financing Agreement For South-Eastern Road Corridor
November 12, 2025
Monrovia: The Plenary of the Liberian Senate has ratified additional Financing Agreement in the tone of US$23million for the South-Eastern Corridor Road Asset Management Project between the Republic of Liberia and the International Development Association.
Plenary’s decision was based on a report from a Joint Committee on Ways, Means, Finance & Budget and Public Works & Rural Development, requesting Plenary to endorse its report and send same to the House of Representatives for concurrence.
According to the instrument, the Project Financial Management Unit (PFMU) shall be responsible for carrying out the day-to-day financial management under the project, including but not limited to maintenance of accounting records and preparation of financial statements, as well as the interim unaudited financial reports amongst others.
As for the work plan and budget, no later than October 30 in each calendar year, the Recipient shall prepare and furnish to the association a draft annual work plan and budget for the subsequent calendar year of project implementation, of such scope and detail as the association shall have reasonably requested.
The instrument further acknowledged the environmental and social safeguards such as the recipient shall ensure that the Project is carried out with due regard to appropriate health, safety, social, and environmental standards and practices in accordance with the safeguards instruments.
