The Chinese government has committed a US$28.2 million grant in addition to US$100 million for Liberia’s infrastructure, energy, and agriculture, as both nations hold a Trade & Investment Forum to boost economic cooperation in Liberia.
According to a release from the Ministry of Information, Culture & Tourism, China’s 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.
The disclosure was made during a high-level bilateral meeting on Friday, September 6, 2024, between President Jinping and Liberian President Joseph Boakai in Beijing.
President Jinping detailed China’s plans to contribute to Liberia’s infrastructural development, announcing a US$28.2 million grant, equivalent to RMB 200 million.
The US$28.2 million grant is geared towards development projects, including the construction of overhead bridges between the ministerial complex and SKD Boulevard in Monrovia.
The project is expected to commence in the first quarter of 2025 and aims to improve urban mobility and reduce traffic congestion in the capital.
The MICAT release states that in addition to the grant, President Jinping also committed US$100 million in concessional financing for road infrastructure projects, a key area on President Boakai’s ARREST agenda.
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 significance of agriculture to Liberia’s economy, China’s President has disclosed plans to provide advanced agricultural equipment and machinery to Liberia.
This assistance is aimed at increasing agricultural productivity and ensuring food security, which is one of the 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.
The Chinese government is expected to fund the construction of a national clinical reference laboratory in Liberia.
The facility, when constructed, will enhance the country’s ability to conduct advanced medical testing and improve overall healthcare delivery.
Meanwhile, President Jinping has also canceled 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.
For his part, President Boakai extolled his Chinese counterpart for this relief, terming it 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 geared towards promoting Liberia as a viable destination for investment across sectors such as tourism, agriculture, and trade.
The forum was organized by the Liberian Embassy in Beijing, alongside the Shenzhen Municipal Government and the African Department of China’s Ministry of Foreign Affairs, operating 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, President 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,” he 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.
