Liberia: Concern Mounts Over U.S.$8.5 Million Escrow Account

Jul 23, 2014 | AllAfrica
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Civil society groups are mounting concern over the status of the US$8.5 million placed in the escrow account at the Central Bank of Liberia (CBL). The money was generated from the sale of petroleum products donated by the Japanese government following a Memorandum of Understanding (MOU).

The Liberian and Japanese governments signed a MOU on March 8, 2011 but the products started arriving between August and September 2011. The sale of the products should have gone towards development initiatives.

Agreement between Liberia and Japan, dated March 8, 2011, stipulated one billion Japanese yen or US$13,205,418.72 for the purchase of 15,000 metric tons of petroleum products.