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Politics News

US/Chinese companies to invest over US$ 1bn in energy & waste sectors

A group of investors headed by Mr. Wang Yegin, the President and Chief Executive Officer of Ally Hi-Tech, an energy producing company based in China and PSCM, a company based in the United States are in the country to explore investment opportunities within the energy and waste management sectors.

The 9-man delegation which arrived in the country over the weekend, on Monday May 7, held an introductory meeting with officials at the National Investment Commission (NIC) headed by its Executive Director Molewuleh B. Gray Esq.

Ally Hi-Tech and PSCM which are here upon the invitation of the Liberia National Investment Commission plan to invest a combined sum of over US$1.3 billion in Electricity and Waste Management respectively. This means that Ally Hi-Tech plans to invest nearly US$1 billion in the energy sector beginning with 300 megawatts in the first 6 months. Ally Hi-Tech says it can even produce about a thousand megawatts and make Liberia an energy exporter through the West African Power Poll (WAPP).

Liberia’s Electricity Corporation can currently boast of a little over 85 megawatts, of this amount only 9% of the electricity being produce is reaching end users due to the lack of transmission lines. More besides, Liberia has the highest electricity tariff in the sub-region at 0.35 cent per watts. Hence the need for more production and distribution as many businesses and homes rely on thermo power for their electricity needs.

For PSCM, which targets is the Waste Management sector; it intends to invest over US 350 million into garbage collection at no cost to the government of Liberia. It intends to transform the waste product into ethanol and fertilizer as its main commodities for sale.

Both companies say they are prepared to jump start their respective investments here with the approval of the Liberian Government. The investments are private and come as no cost to government.

Mr. Gray in response welcomed the investors indicating that Liberia is open to investors. He said there are a lot of opportunities here in the energy sector that the investors can explore. He said the availability of stable and low cost electricity will boost the much needed industrial growth in the country.

He also encouraged them to explore other opportunities beyond their core investment interests.According to Mr. Othello B. Garblah, who is the Media Consultant to the investors, the group of investors as part of their discussions here will today hold separate meetings with the Ministers of Finance Development Planning and Mines and Energy. While on Wednesday May 9, they will meet with the Mayors of Monrovia and Paynesville as well as officials of the Environmental Protection Agency. On Thursday, May 10, they will meet the Minister of State for Presidential Affairs and other key officials at the Ministry of State and later on the same day meet with the Senate Chair on Investment.

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The group will also visit the Port of Buchanan and rural Montserrado as they plan to hold discussions with the respective Superintendents of the two counties among several other meetings relative to their investments.

The investors plan to register their respective companies at the end of their visit, following their follow up meetings with key stakeholders. They also plan to hold a one day stakeholder workshop at the conference room of the Ministry of Lands and Mines.


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