December 8, 2023

GoL secures US$50m Hungary Government investment ventures in Liberia

Tangier, Morocco – President George Manneh Weah expressed gratitude for the government of Hungary’s acceptance of US$50 million, which will be used for both economic projects in Liberia and scholarships for the country’s youth. On Friday, November 4, 2022, President Weah received a courtesy call from Hungary’s Foreign Minister, Peter Szijjarto, to share the good news that his nation had approved a US$50 million Export Credit Facility for investment in Liberia. This visit took place alongside the MEDays International Peace Forum in Tangier.

He also informed President Weah, according to the Executive Mansion, that several Hungarian investors are interested in making investments in the health and education sectors of Liberia. Foreign Minister, Peter Szijjartoclaims that Hungary is giving Liberia 15 more scholarships each year, bringing the total number to 25. The Hungarian Foreign Minister thanked Mr. Weah and Liberians for the enhanced relations between Liberia and his country.

President Weah praised Ambassador Szijjarto for the government and the people of Hungary’s interest and dedication in helping Liberia and elevating the bilateral diplomatic ties between the two nations. The Liberian leader stated that he welcomed Hungarian investment and trade in the fields of mining, oil and gas, medium-scale industry, green power production, and agriculture. Additionally, he urged for increased collaboration in the fields of youth development and the building of community sports facilities, both of which are crucial and would significantly strengthen the already robust connections between the two nations.

On the invitation of King Mohamed VI of Morocco, President Weah traveled to the Moroccan city of Tangier to attend the 14th edition of the MEDays Forum. He gave the forum’s opening remarks, during which the President invited the corporate world to benefit from Liberia’s favorable economic environment.

It is noted that Mr. Weah had already secured a commitment from Tanger Med Port Authority, one of the largest port facilities in the world, to transform and refurbish the Port of Greenville in Sinoe County and offer training and technical support to the National Port Authority, less than twenty-four hours prior to the announcement of Hungary’s US$50 million investment package.

The 14th edition of the MEDays Forum brought together more than 5000 participants, including world leaders, providing an opportunity to discuss the major geopolitical, economic, and social issues facing the planet, such as the conflict in Ukraine, conflicts, and instability in Africa, tensions in the Indo-Pacific, food and energy crises, inflation, and climate change.

Photo Credit: Executive Mansion

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