Finance Minister Samuel Tweah has admitted that the controversial ETON and EBOMAF loans were failures, as the financing companies were unable to make the funds available to the Liberian government.
The House of Representatives has cited three top government officials to update them on the status of the controversial Eton and EBOMAF loan agreements.
Rep. Samuel Kogar says he wants the longstanding controversial Eton and EBOMAF loan agreements repealed.
President George Weah has signed into law two loan agreements for the financing of road construction across the country. The agreements are the US$536.4 million Eton Finance loan agreement and the US$420 million road financing agreement between the government and the Burkinabe company, EBOMAF.
The Senate has ratified the US$420 million financing agreement between EBOMAF and the Government of Liberia for the rehabilitation, construction, and pavement of roads in parts of Liberia.
The Liberian Senate will today convene a special session to open discussions on the Eton Road Financing Loan Agreement.
On Saturday, the government announced a new loan financing agreement with a private Burkina Faso construction company, EBOMAF, to construct several roads in the country.