Editorial: The US$800 Million Investment: The Largest Foreign Direct Investment During Pres. Weah’s Administration
WITH THE SIGNING of an amended mineral development agreement (MDA) and announcement of an additional US$800 million investment in the country’s economy through the mining industry, the ArcelorMittal Liberia Phase Two expansion project will have huge transformational benefits for the country as was recently emphasized by H.E. President George M. Weah.
“DIRECT FOREIGN INVESTMENT in value-added projects is the cornerstone of economic growth for Liberia and an important part of initiatives under the government’s Pro-poor agenda by creating jobs and stimulating other economic benefits. Significant progress has been made in negotiations with ArcelorMittal Liberia. The goal is to amend the Mineral Development Agreement so that it gives more benefits to the Liberian people and also ensure an additional investment of $800 Million US dollars to execute the second phase of their expansion by constructing a value-addition concentrator plant,” President Weah said in his last Annual Message.
THE PROPOSED THIRD amendment to the ArcelorMittal Liberia Mineral Development Agreement was since submitted to the Legislature for ratification. The planned new US$800 million investment will be the largest foreign direct investment during President Weah’s administration.
TODAY, AS THE Liberian leader delivers his 5th Annual Address in the first joint assembly of the 5th session of the 54th Legislature, Liberians will be all ears to hear about the state of affairs of the nation, and the government’s plans, particularly related to the economy and jobs, a subject close to the hearts of many.
IT IS HOPED that there will be some positive news from the Chief Executive about the widely publicized recently signed amended ArcelorMittal Liberia Mineral Development Agreement.