10/09/2024
China Commits US$28.2 Million Grant in Addition to US$100 Million for Liberia's Infrastructure, Energy, and Agriculture as Both Nations Hold Trade & Investment Forum to Boost Economic Cooperation
Beijing, China – September 9, 2024
Chinese President Xi Jinping has pledged a total of US$128.2 million to Liberia, focusing on critical areas such as infrastructure, renewable energy, agriculture, and healthcare according to the Liberia's Ministry of Information.
The announcement came during a high-level bilateral meeting on Friday, September 6, 2024, between President Xi and Liberian President Joseph Boakai in Beijing.
President Xi detailed China's plans to contribute to Liberia's infrastructural development, announcing a US$28.2 million grant, equivalent to RMB 200 million.
The grant is earmarked for various development projects, including the construction of overhead bridges between the ministerial complex and SKD Boulevard in Monrovia.
The project, set to commence in the first quarter of 2025, aims to improve urban mobility and reduce traffic congestion in the capital.
According to Information Ministry, in addition to the grant, President Xi committed US$100 million in concessional financing for road infrastructure projects, a key area President Boakai emphasized during the meeting.
The funding will support the expansion and maintenance of Liberia’s road network, which is vital for the country's economic growth and access to remote regions.
China's support extends to Liberia’s energy sector, where the focus will be on enhancing the national power grid and investing in solar energy projects.
Recognizing the importance of agriculture to Liberia’s economy, President Xi announced China’s plan to provide advanced agricultural equipment and machinery to Liberia.
The assistance is aimed at increasing agricultural productivity and ensuring food security, which are key components of Liberia’s economic diversification strategy.
The agricultural support also includes human capacity development, with China offering scholarships for young Liberians to study in fields critical to the country’s development.
On the healthcare front, China will fund the construction of a national clinical reference laboratory in Liberia. The facility will enhance the country’s ability to conduct advanced medical testing and improve overall healthcare delivery.
Meanwhile, in a gesture of goodwill, President Xi announced the cancellation of US$6.5 million in debt default interest on loans owed by Liberia.
This debt relief is a significant step towards easing Liberia’s financial burden and enabling the country to allocate more resources to development projects.
President Boakai expressed deep gratitude for this relief, highlighting it as a testament to China’s enduring partnership with Liberia.
Beyond financial aid, the two leaders discussed the implementation of the outcomes of the 2024 FOCAC summit, where China unveiled a US$50 billion strategic assistance program for Africa.
In a related development, the Government of Liberia, in collaboration with the People’s Republic of China, hosted a one-day Trade and Investment Forum on Saturday, September 7, in Shenzhen, China’s thriving tech hub.
The forum was aimed at promoting Liberia as a viable destination for investment across sectors such as tourism, agriculture, and trade.
The forum, organized by the Liberian Embassy in Beijing alongside the Shenzhen Municipal Government and the African Department of China’s Ministry of Foreign Affairs, operated under the theme, "China and Liberia Cooperating in Building a High-Level China-Africa Community with a Shared Future in the Spirit of FOCAC."
In his keynote address, Liberian President Joseph Boakai emphasized the mutual benefits of investment in Liberia, highlighting the country’s rich potential and friendly environment for investors.
“We bring you opportunities because you have the expertise to help us. Liberia will be a destination for investment, where we can all create opportunities together,” President Boakai stated.
Also speaking, Liberia’s Ambassador to China, D. McKinley Thomas, echoed the President’s sentiments, underscoring the strong friendship between the two countries and the need for deeper economic and cultural ties.
The forum saw commitments from Chinese investors, with Richard Zhong, Deputy Director General of the Shenzhen Foreign Affairs Office, expressing readiness to partner with Liberia in economic development, power generation, and infrastructure.
