APM Terminals responded to a public tender issued by the Government of Liberia in December 2009. Bidders were asked to rehabilitate the existing Marginal Wharf, develop container and general cargo operations in the terminal and take on responsibility for Marine Services throughout the Port.
The Liberian government is involving private participation to bolster the national economy and create jobs in the capital city of Monrovia. The port is in urgent need of rehabilitation and upgrading to modern levels.
The Inter-Ministerial Concession Committee (IMCC) announced the government decision yesterday. The chairman of the National Investment Commission, Dr. Richard Tolbert, said that he is “confident that APM Terminals, a world-class port operator, will implement this project in an outstanding manner once the concession agreement is concluded, as the Government had done a thorough financial, technical, social, environmental, and reputational due diligence on the company and its proposal.”
APM Terminals CEO, Kim Fejfer commented “Our aim is to improve the port infrastructure and create a much stronger economic engine for the national and regional market. Our team will work closely with the IMCC, Port Sector Reform Program and the National Port Authority on the next steps of the process to ensure the transition is handled effectively.” Construction on the quaywall will begin immediately. A new berth, more efficient yard handling procedures and the installation of new equipment will transform the port into a more competitive, world-class port capable of handling modern, deep-draft vessels.
Liberia has a population of 3.4 million people and has natural resources in water, minerals, forestry, rubber and agricultural products.
“We congratulate the Government of Liberia for the professional and transparent port privatization process”, added Fejfer. The process has also been overseen and supported by the World Bank, US Embassy and other members of the international community, who view the transition as an integral part of Liberia’s continued economic development.
APM Terminals will invest approximately USD 120 million over the 25 year concession agreement.
