1. Republic of Liberia National Investment Commission Investing in Liberia Berlin, Germany George G. Wisner Executive Director

2. Table of Contents 1.Investment Climate a. Economic Performance b. Economic Stabilization & Recovery Plan c. Tax Regime & Investment Incentives d. Easy to Start Business in Liberia 2. Opportunities in Agriculture & Agri- Business a. Rubber b. Cocoa c. Fisheries (Aqua and marine) d. Oil Palm e. Horticulture f. Cassava g. Rice h. Value Chain Financing Agriculture 3. Energy & Oil and Gas a. Progress & Current Emphasis b. Oil & Gas Upstream Opportunities c. Available Data 4. Infrastructure a. Road b. Transport c. Ports d. ICT 5. Tourism 6. Medical Infrastructure 7. Opportunities in Mining a. Iron Ore b. Gold c. Various Other Minerals in Liberia

4. Total financing Gap Support for public finances, improved finance execution and governance including de- concentration - Major Health Investment Plan - Education sector priorities - WASH services - Social protection - GoL plan for UNMIL transition Economic Stabilization & Recovery Plan 4 Revitalize and diversify growth, targeting agribusiness export sectors Enable delivery of critical transport and energy infrastructure projects Strategy 1: Recovering Output & Growth Strategy 2: Strengthening Resilience and Reducing Vulnerability Strategy 3: Strengthening Public Finances and Ensuring Service Delivery $298 M$289 M$225 M $812 M

5. Tax Regime & Investment Incentives  Liberia’s Profit Tax Rate is 25% or 2% on turnover.  No capital controls (100% of profit repatriation)  30% incentive deduction allowed on up to 100% of qualifying cost of equipment & machinery for investors over $1m  Can also obtain a tax deduction of 10% off cost of building & fixtures used in manufacturing process that produced finished products having 60% local raw material.  Investments in economically deprived zones or those generating more than 100 direct jobs qualify for additional incentives of up to 12.5% & further 10% respectively Tourism, Manufacturing, Energy, Hospitals & clinics; Housing, Transportation; IT, Banking, Agriculture, Fisheries, Agro-Processing, and banking Investments exceeding $10m qualifies for concession to be negotiated

6. Liberia Business Registry (LBR) One-Stop-Shop for enterprise development that formalizes enterprises in only 48 hours – Online application process and online database – Registration can be done through: E-registration: after receiving account details applicant submits dossier online. Assisted registration: applicants submit a paper-based dossier to the LBR staff who undertakes the registration procedures. Staff are on hand to provide advice to applicants. Easy to Start a Business in Liberia IndicatorLiberia Sub-Saharan Africa OECD Procedures (number)47.84.8 Time (days)4.527.99.2 Cost (% of income per capita) 17.456.23.4 Source: World Bank Doing Business 2015 CategoryForeign Business Registration Sole Proprietorship$700 US Partnership$800 US Corporation$900 US Source: www.lbr.gov.lrwww.lbr.gov.lr Table 1: Ease of Starting a Business IndicatorTable 2: Fees

7. Opportunities in Agriculture & Agri-Business Rubber Processing & Rubberwood Cocoa Aquaculture & Marine Fish Oil Palm Horticulture Rice Cassava Agriculture Value Chain Financing

8.  Long standing history in rubber production  Liberia searching for industrial investors in rubber compounding & production of dry rubber products such as door mats, boots, handles, chairs, pipes, bushels & gloves  Many medium size farmers investing in ribbed smoked sheets & rubber crepe  63,000t produced in 2013, potential expansion to 325,000t  Over 200,000 ha of arable land available: 55% of rubber from small farmers  Large unexploited ECOWAS market for ribbed smoked sheets, crepe & rubber products  Large unexploited investment opportunity in rubberwood & its products Priority Sector: Rubber Processing

9.  Cocoa sector in Cote D’Ivoire, Ghana & Nigeria is saturated: Liberia is next frontier for cocoa  90% of cocoa bought by informal traders i.e. potential for investors to improve yields & quality  Investor-friendly regulatory framework for cocoa being developed  Cocoa yield = 200 kg/ha; potential to increase to 1,000kg/ha  Global demand increasing by 6% per year & is worth $4bn.  Market for cocoa butter & powder in Liberia is growing by 4% & 2% p.a.. Priority Sector: Cocoa

10. AQUACULTURE Liberia looking for first industrial investor in aquaculture, to exploit untapped market Most renewable internal water resources per capita in Africa Optimal natural water temperature for aquaculture (27 o Celsius) Priority Sector: Aquaculture & Marine Fish Can produce 330,000 mt of inland fish (current production only 2,500 mt) Domestic market unsaturated, particularly up-country plus large regional market Large, untapped business opportunity – particularly as there is currently no competition. MARINE FISH With Mt Coffee Dam completed, cheaper to process fish in Liberia vs Nigeria, Senegal, CI. Liberia’s coastline & continental shelf offers 20,000 sq. km of fishing ground Only 7,300 mt of marine fish produced locally, while consumption lies at 23,800 mt p.a. Fish landing, storage & processing facilities being built in Robertsport & Monrovia Gov’t streamlining tax regime & regulations in sector

11. Indigenous home of oil palm; produced 176,000 mt 2013 – little of which processed Un-tapped ECOWAS market in oil palm products Perfect place to invest in the processing of crude palm oil into refined oil for cooking, soaps, cosmetics, food processing, mulch, fertilizer, animal feed & bio-fuel 4 large investors including world leaders Sime Darby & Golden Veroleum Govt & SIDA developing model for outgrower schemes for large concessions Hundreds of small & medium scale farms around country, mostly in rubber belt USAID running support programme of oil palm by developing market for high variety seedlings among other types of support Priority Sector: Oil Palm Oil Palm Profitability, $ per tonne Potential 40% profit

12. Ideal for investment in inputs, production, aggregation, packaging & processing. Rainfall of 2,391 mm p.a., compared to 1,348 mm in Ghana or 730 mm in Kenya. Large, growing domestic market, access to ECOWAS & sea access to EU & US markets. In 2013 Liberia produced 291,000 mt worth of fruit & vegetables. Imported 14,300 mt Domestic market alone is worth $103 million p.a. Highest potential: tomatoes, pineapples, mangoes, plantain, banana, sweet potatoes and chilli pepper (high Scoville Index) Liberia has direct flight access to Brussels, Casablanca, Abidjan & Nairobi Horticulture

13. Cassava is an important staple crop in Liberia, can be planted all year Average Liberian can consume 5 times more, making Liberia growth economy for cassava Scope for market capture through quality & innovation. Use of quality inputs & agro-chemicals limited = large market for input providers. Potential for cassava value addition such as gari, cassava flour, high quality cassava starches, animal feed, syrup, ethanol, citric acid, sucrose & adhesives Over 80 m tonnes of cassava is consumed every year in ECOWAS. Market growing by 4% p.a. Of this Liberia accounted for 520,000 tonnes. Cassava Cassava & Cassava Starch Market Growth $1.6 bn market $0.1 bn market $0.9 bn market $0.1 bn market

14. Liberia consumes 570,000 tons of rice per year Of this 55% imported giving scope for investors in efficient, high yield farming (Nerica variety) & irrigation to capture market share Growth of rice consumption in Liberia: 14.1% p.a. since 2003. Can double yields & triple land harvested: now 230,000 ha but can increase to 600,000 ha Investment opportunities in: – Nerica variety farming planted in irrigated or non-irrigated swamplands – Farm inputs and technology, hulling & milling – Processing into high value rice, cereal bars, rice crackers & rice starch. Rice bran sold as fish feed or processed by pharmaceutical industry. Rice Rice Profitability, $ per metric tonne

15. Potential for investors to provide financing for agriculture value chains Liberia has only 1 small agricultural bank - Afriland Gov’t & donors (USAID, IFAD, World Bank, SIDA, EU) applying value chain approach to these value chains: – Rubber processing, rubberwood, oil palm, cocoa, aquaculture, marine fish, horticulture, rice, cassava, livestock Scope for different types of investors: – Agriculture finance institutions – Development finance institutions – Social entrepreneurs – Cooperative banks – Venture capitalists – Private Equity – Business & Technical Services Providers NIC has registry of SME investment opportunities in agriculture: Contact Paye Gbelayan Agriculture Value Chain Financing

16. Investment in Energy Priorities Concession energy demand is 700MW but current supply less than 20MW creating huge investment opportunity Huge returns to possible: Liberia has highest energy tariffs in world (56 cents per kwh) Hydropower to access huge potential of Liberia’s waterways: – internal renewable water resources are second in West Africa only to Guinea & Nigeria Mount Coffee hydro power generation - transmission & distribution of power lines due on stream in December 2016 (up to 70 MW) Many Investment Opportunities available in: – Biofuels from oil palm and rubber wood – 500 MW Potential – Hydro plants – 1,000 MW Potential on St. Paul, St. John & Lofa rivers – Solar – HFO – Construction of National Power Grid Clients: 4 million people who rely on generators plus numerous concessions in agriculture, mining, ports etc; plus Liberia being connected to West Africa Power Pool

17. Achievements in Restoring Energy Access - Basic services restored in Monrovia -30,000 connections -22 MW installed -Most electricity self-generated Micro hydro plant constructed – to support 3000+ rural connections Cross-border purchase of electricity from Cote d’Ivoire, expected to support 20,000+ connections in areas along border

18. Current Energy Emphasis Generation 3 X Heavy Fuel Oil (HFO) Plants under construction – 38 MW capacity (~$60 M) Mount Coffee Hydro Plant (80 MW) – Rehabilitation underway( ~$300M) T&D 7 distinct transmission line projects 4 distribution projects (~200,000 connections) CLSG Line: $500 M T&D projects in Liberia: ~$250M $1.2 bn worth of projects to be implemented in next 5 years, with funding secured. Generation (Renewable) $50 M available for development of renewable energy, especially small-scale hydro and solar (in preparation).

19. Oil & Gas Upstream Investment Opportunities

20. Available Data 2D seismic data (PSTM/PSDM):24,773 km 2D gravity/magnetic data: 24,508km 2D angle stacks: 24,774km 3D seismic data (PSTM/PSDM):18,345km 2 3D angle stacks: 18,345km 2 Updated Interpretation report (2010) Well Data from nine recently drilled wells

21. Opportunities in Infrastructure Roads Transport Services Sea Ports ICT

22. Overview of Road Infrastructure $1.4bn invested by Govt & partners in roads since 2007 Partners in road development: – SIDA, EU, JICA, World Bank, AfD, USAID National Road Infrastructure Strategic Goals: – Connect all (15) county capitals to Monrovia with paved roads – Prepare detail engineering designs as the basis to attract construction funding Plans to establish road maintenance fund & establish Roads Authority Total Paved Roads are now 734km in Liberia Primary Laterite Roads 1,423 km Secondary Laterite Roads 2,350 km Feeder Roads 5,410 km

23. Road Infrastructure Priorities Buchanan (Grand Bassa County) to Greenville (Sinoe County) – 320 kms Gbarnga (Bong County) to Medikorma (Sierra Leone Border) – 281 kms Part-Financing construction of primary highway from Ganta – Tappita (World Bank providing part financing already): 100 kms Financing construction of primary highway from Tappita – Fish Town: 238 kms Rehabilitation of Monrovia to Bo-Waterside border & Sanniquelle to Cote d’Ivoire (Danane) ELWA (Monrovia) to Roberstfield International Airport road

24. PPP Opportunities:  Provision Of Mass Transport Services  Public Parking Facilities  Construction of bus stations & bus services  Construction & management of road links (toll road system) as reform progresses for fair payments for road users.  Long term road maintenance initiatives Transport Services Priorities Agricultural transport services linking prime growing areas to Monrovia & ports Coastal & Inland Water Transport: 6 major rivers, also in Monrovia

25. Sea Port Infrastructure Overview Liberia has 4 ports: – Freeport of Monrovia is main port & handles over 91% of Liberia’s vessel traffic. – Port of Buchanan handles 60% of NPA’s Summer Dead Weight & 65% of Authority’s throughput. – Port of Greenville saw 470% vessel traffic increase from 2012 to 2013 by 47 vessels. – Port of Harper is smallest port, handling domestic trade only National Port Authority is Govt enterprise established by 1967 Port Act. Responsible to plan & develop ports.  NPA conducting feasibility study in Bomboja to gain approval for 5 th port.  NPA became ISPS Compliant in Monrovia and Buchanan in 2010. Bomboja

26. Sea Port Infrastructure Priorities Planned projects at Freeport of Monrovia: 1.Project M1: Marginal Wharf Extension by 200 meters, presently 600 meters 2.Project M2: One new berth and reclamation for container and general cargo 300 meters LOA. 3.Project M3: Coastal vessel terminal – to enhance the distribution and movement of cargoes along the coast of Liberia and sub region 4.Project M4: Dredging of entrance channel (widening) to 250 meters 5.Project M5: Fishing Harbour Pier – Local and international fishing activities, 150—200 meters LOA Planned projects at Port of Buchanan: 1.Project B1: Iron Ore Quay Expansion 2.Project B2: Extension of Fuel Quay 3.Project B3: Commercial Berth Expansion from 326 to 400m 4.Project B4: Logistical Shore base (Phases 1 & 2): supply boats & waste management reception facility operations & warehousing, open yard Top Priorities: Projects M1, M5 & B4

27. Planned projects at Port of Harper: Project H1: Marginal Wharf Expansion Project H2: Oil Palm Quay Main clients: Maryland Oil Palm, Cavalla Rubber, logging Sea Port Infrastructure Priorities Planned projects at Port of Greenville: 1.Project G1: Construction of Liquid Bulk Pier (200m to 250m long) pier for crude palm oil (Golden Veroleum Liberia - potential of 300,000 tons of crude palm oil per year) 2.Project G2: Construction of dry bulk (200 to 250m long) quay and breakwater (south) – Main Clients: GVL, Hummingbird & logging – 400m breakwater protects harbour. 2 quays at present (70m & 180m) on inner side of breakwater for berthing facilities, with existing depth of 8/9m below chart datum.

28. Planned projects at Port of Harper: Project H1: Marginal Wharf Expansion Project H2: Oil Palm Quay Main clients: Maryland Oil Palm, Cavalla Rubber, logging Sea Port Infrastructure Priorities Planned projects at Port of Greenville: 1.Project G1: Construction of Liquid Bulk Pier (200m to 250m long) pier for crude palm oil (Golden Veroleum Liberia - potential of 300,000 tons of crude palm oil per year) 2.Project G2: Construction of dry bulk (200 to 250m long) quay and breakwater (south) – Main Clients: GVL, Hummingbird & logging – 400m breakwater protects harbour. 2 quays at present (70m & 180m) on inner side of breakwater for berthing facilities, with existing depth of 8/9m below chart datum.

29. ICT Infrastructure Priorities ICT in Liberia: – 60% of population inclined to use ICT services – Establishment of Liberia Internet Exchange Point – Undersea Fiber Optic Cable Landing accessible – Partial Roll-out of Monrovia Fiber Ring – Gov’t willing to further divest part of its 55% share in Cable Consortium Liberia Major Investment Opportunities in Liberia’s ICT Sector: – National Backbone: $67m – Digital Migration Platform: $48m – National Postal Addressing System: $13.7m – Data Centres and Internet Services Providers

30. Tourism Investment Opportunities Eco-Tourism based on natural rainforest (Sapo National Park, Gola Forest National Park), mountains (Mt. Nimba, Wologisi), inland waterways & waterfalls (Kpatawee, St. John’s River Waterfall etc). Looking for investors in facilities & tourist services. Surf & Fishing Tourism in Robertsport/Lake Piso (972 km sq) in Grand Cape Mount  Rehabilitation of Hotel Africa and Old Ducor Palace

31. PPP Opportunity for John F. Kennedy Medical Center  Largest medical facility with a paramedical and nursing school and several units  PPP to Finance, Build, Design, Equip, Operate and Transfer. PPP opportunity for better service delivery (state of the art medical equipment & facilities)

32. Opportunities in the Mining Sector

33. Iron Ore WOLOGISI-1BT @36%Fe WESTERN CLUSTER 563Mt @53%fe CHINA UNION – 1.05 BT @36%fe GOE-FANTRO 64MT @59%Fe PUTU -4.5 BT @39%Fe KITOMA 64MT @61%fe ARCELOR MITTAL 471Mt@67%fe TAWANA 62Mt @64%fe BAO CHICO 3 Age Provinces in Liberia Liberian (Archeaen-Meta Volcanic) Eburean Formations Pan-African (youngest) Iron formation occurs across all age provinces Iron formation commonly associated with composite rock units; schist, mafic, felsic & ultramafic units All major deposits occur within Liberian & Eburnean provinces except Goe-Fantro which occurs within Pan-African

34. Gold Gold occurrences are widespread Gold production is dominated by ASM activities One mechanized gold mine: Aureus Mining: 1.5Moz @3.8g/t MNG Gold: 750k ounces @1- 3g/t Hummingbird: Tuzon 2.47 Moz @1.4 g/t Dugbe 1.8 Moz @ 1.3g/t Aureus Mining MNG Gold Hummingbird

35. Various Other Minerals in Liberia Copper, Lead, Barite, Bauxite, Kyanite, Phosphate, Platinum, Manganese, Uranium, Chromite, Corundum, Nickle etc 3 distinct kimberlite diamond clusters have been identified in Western Liberia: Kumgbor cluster ~ 135Ma Weasua cluster ~ 800Ma Mano Godua cluster ~ 135Ma

36. Some Major players operating in Liberia

37. www.investliberia.gov.lr wisnergeorge5@gmail.com