The Road Maintenance Fund Administration (RMFA) has partially concluded payment of loan of Eighty Billion Leones, incurred by the past Administration from the Rokel Commercial Bank (RCB), Sierra Leone Commercial Back (SLCB) and Commerce and Mortgage Bank to service several road projects implemented by the Sierra Leone Roads Authority (SLRA).

According to the RMFA’s Finance and Investment Director, Joe Thomas the new Administration has been paying 2.45 billion Leones every month to settle the debts. He said, currently RMFA has completed paying huge portion of the loan and will now be paying less than a billion Leones to the Commerce and Mortgage Bank.

Director Thomas revealed that this development will make RMFA to be able to meet most of its outstanding payment to contractors and other operational costs to SLRA and the Local Councils.

Analyzing the loan breakdown, Director Thomas recalled that in October 2016 RMFA obtained a loan of Le 35billion from Commerce and Mortgage Bank (Public Limited Company) with an interest rate of 16.5%.

Director Thomas added that in February 2017, RMFA also obtained a Le 30bn loan from Sierra Leone Commercial Bank and Le 15bn from Rokel Commercial Bank both at an interest rate of 16%. The total of both principal and interest from all 3 loans amounted to Le 108bn.

Director Thomas confirmed that as at 30th April 2020, RMFA has made a total cumulative payment (principal and interest) of Le. 92.6 billion; representing over 85% of the total loan amount.

In his conclusion, Director Thomas furthered that RMFA has completed the repayment of loan amounts to SLCB & RCB; and that RMFA will complete payment to Commerce & Mortgage Bank by September 2021.