- Search Results
GoL, WAE sign US$1.3 bn Agreement
Date Uploaded: Jan 24, 2015

NIC Chairman George Wisner



GoL, WAE sign US$1.3 bn Agreement

By Robert Dixon/LINA

MONROVIA, January 24 (LINA) - The Government of Liberia and the West Africa Exploration (WAE) based in Guinea have signed a US$1.3billion 25-year infrastructure development agreement for transshipment of minerals from Guinea through Liberia.

WAE will immediately begin operations with an initial investment of US$300 million in the first five years and US$1billion in the last 20 years of its stay in the country, according to the terms of the agreement which was signed at the National Investment Commission (NIC) in Monrovia Friday.

The Chairman of NIC, Ministry of Lands, Mines and Energy, Ministry of Finance and Development Planning, Transport Ministry and the Ministry of Justice signed for the Liberian Government, while the President and Chief Executive Officer of WAE, Aboubacar Sampil and legal counsel Robert Tubman signed for the company, according to the Liberia News Agency.

Speaking at the ceremony, NIC Chairman George Wisner said the agreement stands to bring social and economic benefits in Liberia and Guinea – two countries that were seriously hit by the Ebola virus.

According to him, the document will bring into fulfillment regional cooperation protocols like the Manor River Union (MRU) Accord and the ECOWAS Conventions aimed at expanding economic development through enhanced regional cooperation and cross-border trade.

He noted that the agreement will require approval by the National Legislature.

Wisner said upon ratification and publication of the agreement into handbill, the company will pay US$250,000 as signature fees.

Meanwhile, the President and Chief Executive officer of the WAE, Sampil has expressed gratitude to the government and people of Liberia, and promised that his company will uphold the terms of the contract.

In remarks, Madam Aminata Sylla, Advisor on private sector, commerce and industry to the Guinean leader Alpha Conde, as well as Guinean Ambassador to Liberia Abdulla Dore noted that signing of the agreement will provide more job opportunities for citizens of the two countries.



latest headlines
Judge Kaba Reserves Ruling In E.J. Roye Building Case
Judge Yussuf D. Kaba of the Civil Law Court has reserved ruling in a motion for Declaratory Judgment filed by some individuals calling themselves ...more
CENTAL Raises Eyebrow About Political Parties Spending
The Center for Transparency and Accountability in Liberia (CENTAL) has expressed concern over the expenditure of political parties on fleets of n ...more
LTA, Partners End Int’l Internet Workshop
The Liberia Telecommunications Authority (LTA) and partners have ended a two-day international workshop on ICANN (the Internet Cooperation for As ...more
Liberia To Host GIABA Plenary, Ministerial Meetings
Liberia will host the Intergovernmental Action Group against Money Laundering in West Africa (GIABA) 27th Technical Commission/Plenary and 17th M ...more
GOL, Sweden Sign US$21.6m Accord On Feeder Roads In 7 Counties
The Governments of Liberia and Sweden have signed a US$21.6 million agreement to support the third phase of the Liberia-Swedish Feeder Roads Proj ...more
Defense Ministry Relaxes Camp Ramrod Eviction
The Ministry of Defense has with immediate effect put on hold its notice of eviction to inhabitants of the 72nd Camp Ramrod Barracks in Paynesvil ...more
All rights reserved © 2013 - 2014
Liberia News Agency