China Kingho to invest $6billion in Sierra Leone

Sierra Leone has signed a memorandum of understanding with China Kingho Energy Group, for the construction of a railway costing six billion US Dollars, linking Tonkolili in the north and Sulima in the south. The agreement also includes the construction of a deep water port for transportation of products, such as iron ore bauxite amongst others.

This is line with governments’ desire to meet the development needs and objectives of the citizenry of Sierra Leone. The Minister of Mines and Mineral Resources, Minkailu Mansaray, signed the Memorandum on behalf of government.

In the signing ceremony, Ministry of Mines, Attorney General and Minister of Justice Frank Kargbo, said that his office has been working on the MOU and was happy to inform all those present that the proposals in the MOU are in line with the development aspirations “of our government“, especially in relation to the Agenda for Prosperity. He also stated that, when fully implemented, the country will greatly benefit.

Prior to the signing said, Mansaray said he was pleased to sign the MOU as it is in line with the prosperity drive of the country and that Kingho has been a major player in Sierra Leone’s development. Sierra Leone, Mansaray said, is in a hurry to be transformed and as a government they will continue to encourage investors into the country. However, he cautioned, that they only will look forward to working with reliable, committed trustworthy investors.

He therefore encouraged Kingho to ensure that they work within the timeframe as stated in the MOU as the “competition outside is very key and Sierra Leone is a destination attracting a lot of investors, try to implement within the timeframe as stated in the MOU”, he encouraged China Kinghor Energy Group.  Minister Mansaray also called on the new Ambassador to China, Victor Foh, to work closely with the group so that they will work within the stipulated timeframe.

The Chairman of China Kingho Energy Group, Huo Qinqhua congratulated the people of Sierra Leone, adding that his group has consolidated itself to always invest in Sierra Leone. He expressed confidence and optimism that Sierra Leone’s future is encouraging especially in providing favourable investment climate in the country.

Key components of the MOU include, plans for the construction of a Mine Development Project, construction of supporting power facilities, construction of transport and logistics facilities, construction of a railway from Tonkolili iron ore area in the north to Sulima in the south, and construction of an industrial park.

 

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