Liberia Government (Monrovia)
7 October 2008
The Robert Johnson Group of Companies and the Overseas Private Investment Corporation (OPIC) have agreed to establish a USD$100 million Finance Protocol which will promote investment in Liberia.
Under the program, both groups will develop various projects including affordable housing which will be financed on a project-by-project basis.
According to an Executive Mansion release, the disclosure was made Tuesday during a meeting held at the Foreign Ministry with the financial officer of the Robert Johnson Group of Companies, Ms. Lisa Pickrum and President Ellen Johnson Sirleaf. The President welcomed the support and praised American businessman Robert Johnson for his continuous interest in Liberia. She described as 'deliverables on target' the support of the Robert L. Johnson Group of companies. The Liberian leader assured the Bob Johnson representative of Liberia's appreciation of the additional support by the RLJ Group. The President expressed satisfaction that the Group has chosen housing as a major priority under the accelerated investment program.
The Liberian leader recounted Mr. Johnson's interest in Liberia's development since their initial meeting at the Clinton Global Initiative two years ago. This relationship, she noted, has also led to the establishment of the USD$30 million Liberia Enterprise Development Finance Company as well as work on an 84-room hotel being built on the outskirts of Monrovia.
The Chairman of the RLJ Group of Companies, Mr. Robert Johnson, has described the initiative as another example of the Government of Liberia's commitment to encourage the private sector to help rebuild the nation. "Given the historic ties between our two nations, this collaboration makes commercial sense and has the potential to make a significant contribution to the development of the country," Mr. Johnson is quoted as saying.
For his part, the Vice President of OPIC, Mr. Jim Polan, said his Corporation is encouraged by the pace and direction of economic progress in Liberia. National reconstruction in Liberia, Mr. Polan noted, has been a priority for OPIC. He welcomed the opportunity to participate in projects that contribute to this goal.
The RLJ Companies and OPIC have collaborated on two other projects in Liberia over the last two years. Together with CHF International, the RLJ Companies and OPIC established the USD$30 million project, which makes loans of USD$25, 000 and USD$1 million to Liberian businesses. The RLJ Companies and OPIC are also working to complete financing arrangements in support of an 84-room villa-style hotel that the RLJ Companies is building on the Robertsfield Highway. The hotel is scheduled to be opened in March next year.
OPIC was established as an agency of the U.S. government in 1977. It helps U.S. businesses invest overseas, fosters economic development in new and emerging markets, complements the private sector in managing risks associated with foreign direct investment, and supports U.S. foreign policy.
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