Libyan Arab African Investment Company to Invest US$45 M in Liberia

Saturday, 7th February 2009
Monrovia, Liberia -A six-man delegation from the Libyan Arab African Investment Company (LAAIC) is in the country to finalize plans for the investment of US$45 million in the Liberian economy.
The delegation, accompanied by the Liberian Government Representative for Libyan Investments, Mr. S.T Eugene Peabody, Friday evening paid a courtesy call on Vice President Joseph N. Boakai at his Capitol Building office.
During the visit, the delegation, headed by Mr. Tahen Jboda, acquainted Vice President Boakai with their desire to invest US$30 million in the reconstruction of the Ducor Palace Hotel which now lies in ruins.
Mr. Peabody also disclosed that the (LAAIC) delegation was also in the country to discuss with relevant stakeholders the establishment of a US$15 million rubber processing plant in central Bong County.

The delegation and Vice President Boakai scrutinized blueprints of the two projects.

The Libyan Arab African Investment Company which manages the Pan African Plaza which currently hosts the United Nations Mission in Liberia (UNMIL) in Sinkor, is also finalizing plans to construct a training center for the handicapped in the western Monrovia suburb of Virginia. The center to be named the Muammar Gaddafi Training Center for the Handicapped, will be managed by the Group of í77.

Mr. Peabody disclosed that President Gaddafi was moved to construct the training center when he saw a handicapped child President Ellen Johnson Sirleaf had taken with her to Libya.

In remarks, Vice President Boakai expressed gratitude to the Libyan leader Muammar Gaddafi for the confidence he has reposed in the current government, and hoped the cordial ties between Libya and Liberia, which date back to the 1980s, would be further strengthened.

Vice  President Boakai said he was particularly moved by the interest the Libyan leader has shown for the current government headed by Africaís first elected female head of state, as demonstrated by the numerous donations the Libyan government has made to Liberia which is emerging from a devastating civil conflict.
He said the recent stopover visit of the Libyan leader to Liberia was a further manifestation of the special interest President Gaddafi has in Liberia and its people.
Vice President Boakai assured that Libyan investments in Liberia would be fully protected.