The U.S. Embassy welcomes the signing of a concession and access agreement between U.S. owned Ivanhoe Atlantic and the Government of Liberia, says a statement published on the American Embassy’s official Facebook page.
The reaction to the deal came some 48 hours after Liberian officials in the Executive branch of government signed the agreement, which will have to be ratified by Lawmakers at the country’s Legislature.
“This estimated $1.8 billion deal is a crucial step towards President Boakai’s objectives of developing Liberia’s multi-user rail policy and securing new international investment,” the US Embassy’s brief statement said.
The agreement, which was signed hours before President Joseph Nyuma Boakai left the country to attend the meeting in Washington D.C. being organized by US President Donald J. Trump who only invited five of the 54 African leaders including President Boakai.
“By increasing U.S. investment in Africa, we drive mutual prosperity and support Liberia’s move from aid to trade,” said the US Embassy in Monrovia.
The iron ore mining giant, ArcelorMittal Liberia (AML)currently enjoys a monopoly of the railway line that runs from the northeastern Nimba County down to the southern Liberia port of Buchanan.
The Presidency’s official stamp of approval of the multi-user rail policy comes as ArcelorMittal’s new Mineral Development Agreement (MDA) is yet to be scrutinized and ratified by the Liberian government.