In a significant development for Sierra Leone’s infrastructure and economic growth, the government has approved a lease agreement with the esteemed Kingho Railway and Port Company (KRP). This decision comes after a meticulous assessment of multiple proposals, with KRP emerging as the superior choice over Arise IIP. The agreement highlights the government’s unwavering commitment to the welfare and advancement of its people, as well as the country’s sustainable development.
The Sierra Leone government chose KRP’s proposal due to its numerous advantages. Firstly, KRP’s offer includes an impressive annual lease rent of US$ 1,500,000, with a yearly 5% increment over the lease period. This guarantees substantial revenue for the nation, in contrast to Arise IIP’s significantly lower fixed lease rent of US$ 1,100,000 over the same lease duration.
Furthermore, KRP’s proposal addresses concerns of monopolizing rail and port facilities by allocating a minimum of 10% of the existing capacity to third-party entities. This ensures fair and equitable access for all and dispels any notions of monopolistic tendencies.
The Leone Rock Metal Group (LRMG), the parent company of KRP, has showcased its commitment to Sierra Leone’s development through significant investments in various sectors. LRMG is the largest investment company in the country and Sierra Leone’s largest iron ore mine through its subsidiary, Kingho Mining Company. This demonstrates LRMG’s dedication to the nation’s progress and prosperity.
The approved lease agreement with KRP is expected to generate job opportunities and foster community welfare. With the government’s endorsement, Sierra Leone is primed for stable growth and sustainable development. The agreement also aligns with His Excellency the President’s vision of industrialization through the construction of a steel smelting plant, which will further boost the country’s economy and create more employment opportunities.
Sierra Leone’s government has made a strategic decision by approving the rail and port agreement with the Kingho Railway and Port Company. This move underscores the government’s diligence in evaluating proposals and securing the best outcomes for the country. By entrusting the rail and port infrastructure to KRP, Sierra Leone has positioned itself for substantial benefits and a lasting partnership that bolsters economic progress and fosters a brighter future for all its citizens.