Liberia: Stakeholders Brainstorm on Ways and Policies to Attract Private Investors
Monrovia – The Government of Liberia over the weekend met with stakeholders in the country’s energy sector to strategize ways to attract private investment in the energy sector for the promotion of sustainable energy development in the country.
This is Liberia’s first electricity sector investors’ forum, and was organized by the Government of Liberia, through the Ministry of Mines and Energy, in collaboration with key national and international stakeholders, and with the financial support of the European Union.
By: Henry karmo
Under the theme “Attracting Private Investment for Sustainable Energy Development in Liberia,” the forum brought together entrepreneurs, potential investors, project developers, donors, and development partners with a specific focus on securing sustainable investment opportunities for the energy projects in the pipeline.
The event also showcased, electricity investment prospects and provided an interactive platform for policymakers, project promoters, donors, and investors to join in-focused discussions on specific investment opportunities.
Several of the projects that were presented are already in the transmission and distribution domains, where Liberia connects with neighboring countries as part of the West African Power Pool.
The Government of Liberia through Mines and Energy ministry said the presence of these projects especially in the renewable energy domain indicates that they can attract carbon finance and other forms of green capital, thereby facilitating the entry of a wider range of investors, and enabling Liberia to meet its rising energy demand, improve health, environment, and air quality, while stimulating industrialization, domestic growth, and jobs.
The Minister of Mines and Energy, Gesler E. Murray, said: “Now is the right time to accelerate our electricity sector investments by encouraging and welcoming investors. Cooperation is becoming more and more needed to drive collaboration for investments in the energy sector and clean energy implementation.
“With this forum, we show our commitment to secure sustainable investment in the energy sector to contribute to the realization of Liberia’s energy targets and meet its global commitments on climate change and clean energy.”
For his part, Ambassador Delahousse, Head of the EU Delegation, said in a modern country like Liberia, the electricity sector must bring together public actors and private investors to ensure the highest level of investment and service to the consumers.
“The objective of LESIF2022, which the EU is proud to sponsor. Power pacification, regulation, generation, transport and distribution must involve all interested financial and economical stakeholders, who can all have a role to play in what is probably the most strategic value chain in any country in the world,” he added.
The EU Ambassador also said the EU is proud to assist the Government of Liberia and to deliver power to the Liberian people. According to him, the electricity sector in Liberia is on a strong and climate-resilient growth trajectory, seeking to embark on an accelerated development phase to provide clean, reliable, and affordable electricity to all citizens of Liberia.
Liberia is well integrated with the West African Power Pool (WAPP) and the Economic Community of West African States (ECOWAS) to leverage strategic regional linkages for optimal growth and economic development.
It is estimated that Liberia requires over US$ 2 billion to meet its long-term goals and objectives set out in the 2009 National Energy Policy, as revised in 2022. At the same time, to sustain the economy of Liberia, access to a cost-effective, efficient, and reliable electricity supply is critical.
The Government of Liberia has stated that it is committed to supporting local and international investors through fast-tracking approvals of priority energy projects, giving private sector partner’s confidence in investing in Liberia’s electricity sector.
LESIF 2022 aims to accelerate transactions to close Liberia’s electricity investment gaps. The program is an initiative of the Ministry of Mines and Energy and six partner institutions: Liberia Electricity Regulatory Commission, National Authorizing Office of the Ministry of Finance and Development Planning, Rural and Renewal Energy Agency, Liberia Electricity Corporation, National Investment Commission and Environmental Protection Agency of Liberia.