April, 24th, 2024, Press Release
- The Liberty Corridor Steering Committee established by the President of Liberia, H.E. Joseph Nyuma Boakai, completes the first draft Development Agreement for the Liberty Corridor within the first 100 days of the Administration.
- Final draft Development Agreement to now be forwarded to the Inter-Ministerial Concessions Committee (“IMCC”) for final and conclusive negotiations with High Power Exploration (“HPX”) and Guma Africa Group (“Guma”).
- Several private investors and International Development Finance Institutions (“DFI’s”) have expressed strong interest in financing both the independent feasibility study and the development of the multi-user rail & road cross border infrastructure corridor between Liberia & Guinea.
- The Government of Liberia, HPX and Guma all confirm their commitment to ensure that the Liberty Corridor is built and operated to international standards and will provide multi user access in a transparent and ecomonically competitive basis.
Monrovia, Liberia—On Monday, April 22, 2024; the Liberty Corridor Steering Committee established by His Excellency, President Joseph Nyuma Boakai for the Liberty Corridor Development project met in Monrovia. The meeting was attended by representatives of the Government of Liberia, HPX and Guma.
This was the second meeting for the Steering Committee and much progress has been made by the team since the committee was first formed in February 2024. The Steering Committee has finalized a final Draft Development Agreement, developed a draft communications strategy for the project, held numerous discussions with potential funding and construction partners and remains focused on the rapid development of the Liberty Corridor.
The Steering Committee resolved on Monday to now formally request that the President refer the Liberty Corridor project to the Interministerial Concessions Committee (IMCC) for final and conclusive negotiations with American company, HPX, Guma and the Government of Liberia. The IMCC is the legally established vehicle under the laws of the Republic of Liberia for the final negotiations of all Concession Agreements, prior to ratification by the National Legislature.
The Development Agreement is intended to grant rights to HPX and Guma to proceed with the feasibility studies, financing, and development of the Liberty Corridor.
Minister of State without Portfolio Mamaka Bility commented:
“We are very excited that we can move the President’s development agenda for Liberia forward and commence with a process that will bring tremendous opportunities for the people of Liberia and Guinea. We will ensure that this process is completed so the feasibility and subsequent development of the crossborder Liberty Corridor commences with participation by the government of Guinea.”
President and CEO of HPX, Bronwyn Barnes stated:
“HPX is pleased with the significant progress made by the Steering Committee for the Liberty Corridor project and the strong commitment that has been shown by the Government of Liberia. HPX supports the final draft of the Development Agreement to be referred to the IMCC. Once the Development Agreement has been signed by the parties, this will allow the feasibility study stage of the project to proceed and will enable discussions with international investment partners to be advanced.”
Mr. Robert Gumede, Executive Chairman of Guma commented:
“The Liberty Corridor is a historic game changer for Liberia, Guinea, and the region as a whole and will unleash immense opportunities for economic development, growth and the creation of sustainable jobs in both Liberia and Guinea. We at Guma Africa Group see this investment as a win-win for us and all involved. We look forward to concluding with the IMCC. It is indeed a historic major integrated cross border corridor in Mother Africa. The leadership and support of President Joseph BOAKAI and his government is a catalyst for this up to $5b investment.”
The second Steering Committee meeting was chaired by the Minister of State without Portfolio, Hon. Mamaka Bility, on behalf of the Minister of State, Hon. Sylvester Grigsby who was out of country. Other Ministers in attendance included Hon. Wilmot Paye, Minister of Mines and Energy, Acting Minister of Justice. Hon. Massa Jallabah, and others representing the Ministry of Finance. In addition, the Managing Director of the National Port Authority was in attendance.
Background to the Liberty Corridor
The Liberty Corridor will comprise a brand new world class rail system connecting Guinea to a brand new deep water port at Didia in Liberia, an extension of the existing hydropower network from Cote d’Ivoire into the Nimba districts of Liberia and Guinea, an upgrade of the existing road networks in the Nimba district to all weather roads and the implementation of fibre optic telecommunications cable connecting Liberia to the Guinea Nimba district and potentially beyond the MRU.
The Liberty Corridor would be a joint development between the Government of Liberia, HPX and Guma Africa Group and the involvement of the Republic of Guinea, with HPX being an anchor customer as it will be exporting up to 30 million tons per annum of iron ore from its ultra-high grade Nimba iron ore project in Guinea. It is proposed that the Liberty Corridor project will be implemented in stages over 3-5 years with a final timeline and construction cost to be contained in the feasibility study. While that is ongoing, HPX will utilize the existing excess capacity of the Liberian government owned rail and port infrastructure which will generate income in rail and port user fees for the Government of Liberia.
A Liberia-Guinea multi-user infrastructure corridor has the potential to transform the mineral-rich Nimba region, create sustainable jobs and for industrial projects along the railway and road corridor in Liberia & Guinea. The Liberty Corridor will stimulate economic activity in mining, as well as agriculture, manufacturing, health, and education, dramatically improve the quality of life for the millions of people living in the region and create sustainable regional employment.
It will be at the pleasures of the people of Liberia-Guinea to inherit such great deal that will benefit us. It’s welcoming and I can’t wait to see this being actualized. Thanks to the government of Liberia and the Guinean government. The peoples of the two sister’s countries deserve better!
Long live Liberia our country, Liberian like us come together and build our country this is the only country we have, other Africans country are gon far at ahead of us politics will not help us my people.
Well, or very big thanks to the Liberians Government for his great efforts and good jobs that he carrying on in the Country, Mama Liberia. Hope you continue your well done works for seeing Liberia to atleast to another level, Grace be upon your Government!! I thanks onec again.
From: Lamie T. Hallie
Thanks to the Liberians Government.
Great initiative, I pray it comes to reality, Jobs creations etc….