In an apparent move to lay to rest the much talk about “fake” loan of Eton and EBOMAF agreement, which the Weah government went into in 2018, a member of the Liberian legislature has written the Liberian senate to cancel the deal.
The nearly $1billion dollar loan was intended to be executed in 48 months after the signing of deal for the pavement of costal highways in Liberia.
The chairperson of the Senate Committee on Rules, Order and Administration, Senator Nyonblee Karnga-Lawrence said she was craving the indulgence of the Liberian Senate for the cancellation of the Liberian Government’s financing agreements between Eton Finance PTE Ltd, and the EBOMAF SA.
The Grand Bassa County ranking Senator noted in a communication to Senate plenary that such cancellation is for the safety and avoidance of embarrassment for the country and future governments.
“It is important to note that unless the two agreements are canceled, they stand to be legal and binding on Liberia,” she said.
On May 7, 2018, President George Manneh Weah submitted to the Legislature for ratification a loan financing agreement between Eton Finance PTE Ltd and the Government of Liberia for Five Hundred Thirty-Six Million, Four Hundred Thousand United States Dollars (536,400,000.00) for financing the coastal corridor connections of county capitals.
The amount was also meant to construct corridor’s roads, a vocational training center would be constructed in Greenville, Sinoe County, and mini soccer stadiums in other county capitals, with a construction period of 48 months from the day of commencement after the Agreement is ratified by the Legislature and approved by the President of Liberia.
Senator Lawrence also recalled that on May 31, 2018, President Weah again submitted to the Legislature a loan financing agreement between EBOMAF SA and the Government of Liberia in the amount of Four Hundred Twenty Million, Eight Hundred Ten Thousand United States Dollars (520,810,000.00).
According to the ratified Agreement, the loan was for the financing of the design, construction and supervision of road corridors in Monrovia (Somalia Drive-Kesselly Boulevard to Sinkor), and north-eastern Liberia (Tappita-Zwedru-Greenville), with a duration period of 36 months after the Agreement is ratified by the Legislature and approved by the President of Liberia.
since the ratification of the two loan agreements by the Legislature and approved by the President in June 2018, nearly 30 months ago, the senator said “Nothing has been heard of the commencement of any of the projects named supra, though Liberia has a commitment to repay loans in the periods specified in the two loan agreements.”
In 2020, Liberia’s finance and Development Planning Minister Samuel Tweah said the Eton and EBOMAF loan are presumed cancelled since the date for the disbursement of the money from the company has since expired.
Investigation conducted by some independent journalists proved that Eton Finance PTE Ltd has no physical office location while at the same time EBOMAF was not financially potent to lend Liberia $400 billion united states dollars.
Earlier, the International Monetary Fund (IMF) raised a red flag that the loan agreement from Eton and EBOMAF who have to such financial record was a sign of money laundering.
