A Switzerland- based Libyan Investment Company, Libya Africa Investment Portfolio (LAP) in partnership with a local NGO, the Foundation for Africa Development Aid (ADA) has brought into Liberia US$30M for rice development.
LAP Vice President A. Filipe Gago and ADA Chief Executive Amb. Windell Macintosh arrived in Liberia last week from Europe for discussions with the Liberian Government to complete legal works that will lead to full skill operation of the company in Liberia.
Mr. Gago told journalists that the Libya Africa Investment Fund was created in 2006 by the Libyan government with US$5 billion to contribute to the development of African countries in the areas of mining, agriculture, hotel, tourist, and telecommunications among others. He said the investment has been increased to US$8 billion and is currently operating in 19 African countries.
"By the middle of 2008, the LAP/ADA rice development investment will begin to put the first consignment of rice on the local and international market for consumption" the ADA boss said.Libya Online
