Over US$277 Million Investment Deal, Others Submitted For Ratification

An investment deal in the tone of over US$277 million to develop the Sea Port of Buchannan, Grand Bassa County has been submitted for Legislative action.

Pres. George Weah recently submitted the Concession Agreement between the Government of Liberia and Prista Port Buchanan LLC” to the House of Representatives.

In his Communication, the investment has a term of 25 years, and the concessionaire will be obligated to develop, operate, manage and optimize the operations of the Port of Buchanan.

Under the agreement, according to President Weah, the concessionaire will also help improve access to education, healthcare and at the same time give preference to Liberian suppliers in terms of procurement provisions, among other services.

Pres. Weah stated in his communication that the agreement when ratified and subsequently passed by the Legislature, will create over one thousand jobs for qualified Liberians.
“The improved capacity and efficiency of the Port of Buchanan are essential in supporting the Government’s long-term aim to export iron ore from both Nimba County and Guinea, as well as improving infrastructure for importing and exporting other goods. The main business focus of the concession is in the export of iron ore, supporting the strategic aims of the Government,” Pres. Weah said.

He further stated in his communication that the concessionaire is expected to modernize the Port of Buchanan and increase its capacity from 3.5 million tons to 9 million tons per year by 2041.

The Plenary of the House of Representatives mandated its committees on Ways, Means and Finance, and Investment and Judiciary to review the Concession Agreement submitted to that body for ratification and advise plenary within one week.

At the same time, President Weah submitted for ratification an “Investment Incentive Agreement between the Government of Liberia and Capital Link Corporations.”

The Liberian Leader stated that the agreement is for the construction and development of a Cement Plant to be situated within the Port of Buchanan, Grand Bassa County.

Pres. Weah said the investor is expected to produce and market cement products on the Liberian market, stating that it will create 500 jobs during its construction stage and over 100 direct jobs during the operations of the plant.

“The Investor will provide a company administered grant of US$10,000.00 for scholarship purposes to the county,” he said.

Accordingly, President Weah said the agreement is in support of the government’s Pro-poor Agenda, leading to the rebuilding of Liberia and creating jobs for its citizens.

Following a motion, plenary voted unanimously to forward the communication to the committees on Ways, Means and Finance, Investment and Judiciary to report in one week.

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