– 200M RMB grant, 6.6M RMB Debt waiver, 30M food assistance
Capitol Hill, Monrovia, Thursday, September 12, 2024 — President Joseph Nyuma Boakai, Sr. addressed the nation with a message of hope and empowerment, proclaiming that “we deserve to live in dignity,” upon his return from a week-long visit to Asia. The President’s remarks were delivered during a brief intercessory and thanksgiving service held at the Effort Baptist Church in Paynesville on Wednesday, September 11th.
The service aimed to express gratitude for the safe travels of the President and his entourage, who participated in high-level summits and bilateral meetings with leaders in Indonesia and China.
Strategic Engagements in Indonesia
During his bilateral meeting with Indonesian officials, President Boakai emphasized the importance of industrializing Liberia’s oil palm sector. He advocated for the establishment of an oil palm refinery to add value to Liberian exports. Additionally, he proposed the creation of Indonesian banks in Liberia to support smallholder farmers, boost energy investments, and enhance mechanized rice production to achieve food sufficiency.
The President called for the reactivation of the Liberia-Indonesia Joint Commission to foster development cooperation. Highlighting Indonesia as a key investment partner, President Boakai pointed to the significant $2.2 billion investment by Golden Veroleum in Southeastern Liberia’s oil palm sector.
Strengthening Ties with China
In a bilateral meeting with Chinese President Xi Jinping, several substantial aid packages were announced to support Liberia’s development. China committed to providing a 200 million RMB grant, 30 million RMB in food assistance, a 6.6 million RMB debt waiver, 13 million RMB for agricultural equipment, and 185 million RMB to expand the coverage of the Liberia Broadcasting System (LBS) nationwide.
Both leaders agreed to reactivate the stalled overhead bridge projects at the Ministerial Complex and the SKD Boulevard, with construction set to commence in the first quarter of 2025 at an estimated cost of $30 million. Additionally, China pledged to assist in modernizing Liberia’s national electricity grid and, through the private company TBEA, to construct a 75MW solar power plant in Bomi County.
China’s commitment extends to other infrastructure projects, including road and bridge construction to enhance connectivity across Liberia’s 15 county capitals. President Boakai expressed his gratitude to President Xi and emphasized the importance of continued cooperation between the two nations to address economic challenges and propel Liberia into the digital age.
Unannounced Major Investment
While in China, news broke of China’s commitment to invest $3 billion in establishing an oil refinery at Buchanan Port. However, President Boakai did not mention this significant agreement in his address to the nation. The omission has sparked curiosity and anticipation among citizens and industry stakeholders, who are eager to learn more about the potential impact of this major investment on Liberia’s economy and job market.
Promoting Liberia as an Investment Destination
In China, a trade and investment forum held in Shenzhen city attracted over 100 Chinese companies and investors. Liberian officials showcased the country as a prime destination for investment, resulting in the signing of multiple Memoranda of Understanding. These agreements covered sectors such as technology, oil refinery, tourism and hospitality, roads and bridges, trade and commerce, and maritime programs.
President Boakai announced that a dedicated team would soon be appointed to follow up on the commitments secured during his Asia trip. His administration is focused on translating these international engagements into tangible benefits for the Liberian people, signaling a new era of growth and development.
The President’s return marks a pivotal moment for Liberia, as the nation stands poised to harness international partnerships for sustainable development and economic transformation.
