President Ernest Bai Koroma launched a $ 200-mm project that would see the production of renewable energy and employ more than 4,000 Sierra Leoneans at Lungi Acre, Makari Gbanti Chiefdom. Speaking at the occasion, the Head of State expressed delight that through his government's business-friendly approach, the country was now attracting big companies with big projects.
"This project is further demonstration of our growing ability to attract huge economic investments, enhanced by the prevailing conditions of good governance in our country. This unique project is not the result of charity from the more developed countries or from our development partners; it has been designed by one of the most hard-headed business concerns operating in the world today. They have undertaken this venture because they believe that their investment will be safe in this country and that they will make a fair profit from their enterprise."

The President said the project's objectives were fully aligned with his government's over-arching investment policy, focusing on labour-intensive industries, value addition to products, significant foreign direct investment, export orientation, intensive use of local raw materials, manpower development and technology transfer, electricity production for commercial purposes, and use of renewable energy resources.
President Koroma also paid special tribute to the land owners: "… this project would never have materialized but for the friendliness and hospitality of the host community. Let us never forget that they, and they alone, offered this land and thus provided the basic requirement that made it possible for a commercial investment of this magnitude," while stating that other business entitities have no more excuse for not investing in land-oriented activities upcountry.

The President said the investing company, Addax International, has had a long relationship with Sierra Leone, having been operating in the oil industry and the mineral sector.
"The fact that it is nowdiversifying into agriculture calls for celebrations. My government is looking forward to more investment ventures of this type, which could enhance our capacity to achieve our Millennium Development Goals," he declared.

Dilating on a progress report of the company earlier, Managing Director Nikolai Germann, first thanked the President for gracing the occasion and then said Sierra Leone has the suitable climate for their project. He said Sierra Leone's special trade agreements with EU countries, where they would eventually find a market for their products, would be beneficial to their enterprise.
In giving details of the project, Mr Nikolai said the sugar cane plantation would take 20,000 hectares of land (15 times more than the Magbass Sugar Complex in the Tonkolili district), the ethanol distillery/factory would produce more than 1,200,000 litres of ethanol per year, and they would put up a 30 MW power plant that would be able to supplement Bumbuna. He said the project's funding has been approved andby June this year they would have made some major breakthrough.

Other speakers included Minister of Energy & Power Afsatu Kabba, Deputy Minister of Agriculture Alie Mansaray, Addax Bioenergy (SL) Limited Country Director Vincent Kanu (owner of the famous Wusum/Apex Hotel in Makeni) and Addax Group Chief Executive Francois Jaclot. Others present were Presidential Affairs Minister Alpha Kanu, Bombali Members of Parliament Martin Bangura and Alimamy Kamara, and Paramount Chiefs Massa Yeli Tham II and Bai Shebora Kasangha II of Makari Gbanti and Bombali Shebora Chiefdoms respectively. The occasion was chaired by Resident Minister North Alie D. Kamara.
The President and entourage were taken on a conduct tour of the cultivated sugar cane farm site where he planted the first sugar cane. Ethanol production has the potential of drastically reducing Sierra Leone's total dependence on petroleum products.

Source: http://allafrica.com  / Concord Times