Investing in Liberia’s trading future
6th Apr 2020
Monrovia, Liberia: InfraCo Africa, part of the Private Infrastructure Development Group (PIDG), has signed a Shareholders’ Agreement with Global Logistics Services Inc (GLS Group), committing US$7.5million to the development of the Liberia Inland Storage Facility (LISF) project. InfraCo Africa will be the majority shareholder in the project. The project will develop Liberia’s first open-access commercial warehousing facility and operations.
The LISF project will be developed by InfraCo Africa, with CPCS Transcom Limited (CPCS) acting on their behalf, in partnership with the GLS Group, a leading integrated supply chain services company in the region. The project will be situated within the Monrovia Industrial Park, located 10 kilometres from the Freeport of Monrovia. The facility will provide businesses with approximately 4,600m³ of modern warehousing space. The LISF will incorporate state-of-the-art inventory management systems as well as time-efficient loading and offloading capacities.
InfraCo Africa secured grant funding from PIDG’s Technical Assistance (TA) to carry out a pre-feasibility study to assess the power needs of the facility. This study concluded that the LISF should operate using a solar hybrid energy system to maximise energy efficiency, providing a potentially replicable model for similar facilities in the region.
The LISF is expected to become operational in 2021.
“InfraCo Africa is excited to be partnering with the GLS Group on the Liberia Inland Storage Facility project, our first investment in Liberia. Providing well-managed, open-access storage for businesses engaging in trade via the Freeport of Monrovia will reduce losses for SMEs and other businesses due to spoilage and theft, stabilising prices and supporting Liberia’s wider economic growth.” Gilles Vaes, CEO, InfraCo Africa
GLS Group COO, Olabowale Gbadamosi said: “Storage is a key link in any supply chain and serves to improve trade facilitation, economic growth and overall capacity development. Driving supply chain optimisation through key assets and services integration which improves our total efficiency is central to our growth strategy, and we are happy to be working with InfraCo Africa and CPCS on its realisation. The partnership will evoke strong synergies, built toward aiding infrastructure and human capacity development in the region and across Africa.” He concluded, “The ongoing COVID-19 pandemic further strengthens the need for such a facility, and we are committed to delivering Liberia’s first open access commercial warehousing facility by Q1 2021”