Lower House Passes Two Financing Legislations

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MONROVIA, June 24(LINA) - The House of Representatives on Tuesday passed into law the Bushrod Power Generation Plant Expansion Project Loan Agreement between the Government of Liberia and the Arab Bank for Economic Development in Africa (BADEA).

It also ratified the Financial Agreement between the Government of Liberia and the International Fund for Agriculture Development (IFAD) for a Grant and Supplementary Loan for a project intended to reduce post-conflict poverty and food insecurity and improve the living conditions of rural communities.
According to the Liberia News Agency, the two instruments were recently submitted to the House of Representatives by President Ellen Johnson Sirleaf for ratification.
The target population of the IFAD grant is the most vulnerable farming households in Grand Cape Mount, Bomi, Montserrado and Grand Bassa counties.
The President put the amount of the grant at US$4. 866 million, while the Supplementary Loan is put at US$ 2.564 million.
In a related development, President Sirleaf has submitted a Rubber Development Fund Incorporated Act to the House of Representatives for enactment.
In a communication to House Speaker J. Alexander Tyler, President Sirleaf said the Rubber Development Act comes against the backdrop of a Government –adopted “Liberia Rubber Industry Master Plan 2009” which provides strategies for the development of the nation’s rubber sector.
At the same time, the President has submitted to the House an Act to repeal certain provisions of the Act Adopting an Insurance Law, 1973 and other Laws relating to Insurance and to Enact in lieu thereof An Act to Provide for the Regulation and Supervision of Insurance Business and the Business of Insurance Brokers, Insurance Agent and Loss Adjusters’ (Insurance Act 2013).
She noted in the communication that the Insurance Act 2013 gives both the regulatory and supervisory powers to the Central Bank of Liberia (CBL) over all persons involved in general or life insurance business, or business as an insurance broker, agent or loss adjuster.
After reading the communications, the one that has to do with the Rubber Development Fund Incorporated Act was sent to the Committees on Agriculture, Forestry and Fishery, Ways, Means and Finance and Judiciary.
The Act for Adopting an Insurance Law was forwarded to the Committees on Banking and Currency and Judiciary to report within two weeks.