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Wednesday, April 24, 2024

HPX to Inject $5 Billion in Liberia’s Struggling Economy

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By: Festus Poquie

American mining firm High Power Exploration Inc. along with billionaire owner Robert Friedland in talks with Liberian authorities over a mega investment venture that when roll out would booster the West African nation struggling economy.

Five days into the negotiation process, the Liberian government announced the aggregate value of the investment Thursday.

“Liberia and HPX discussed 5 Billion partnership and investment opportunities, the presidency said in social media post on its official Facebook account. “ Multiple User Rails in the pipeline.”

HPX has abandoned its fight with steelmaker ArcelorMittal to gain access to the country’s main railway. The company is currently in a 30-day negotiation with President Joseph Boakai to build a new railing that will connect the lucrative Nimba iron ore project in Guinea to seaport in Liberia.

HPX on Feb 10, signed a letter of intent with the Government of Liberia and the Guma Africa Group Ltd to negotiate a deal to own, design, finance, develop, and operate The Liberty Corridor.

This new infrastructure corridor will connect Guinea and Liberia and include a world-class rail system, a deep-water port, an extension of the hydropower network, upgrades to existing road networks, and the implementation of fiber optic telecommunication cable, the company said in a statement shared with the Oracle News Daily.

The Liberty Corridor is a joint development between the Government of Liberia, HPX, and the Guma Africa Group.

Opening the corridor has the potential to transform the mineral-rich Nimba region and spur economic activity in sectors such as mining, agriculture, manufacturing, health, and education.

The project aims to improve the quality of life for residents in the region and create sustainable employment opportunities.

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