The APM Terminals (APMT)-operated Freeport of Monrovia, Liberia, has installed a series of new navigational aids which allow 24-hour port access to the facilities for the first time in 30 years.
The new port navigation system, which included 12 off-shore buoys and two land-based range markers, was installed at the total cost of approximately of US$500,000.
The port was previously unable to accommodate vessels at night because of the absence of buoys, lighting and electronic navigation systems, limiting port access to daylight hours.
Following a 25-year concession agreement to privatise the port concluded in 2010, APMT began operations in Monrovia in 2011.
Under the agreement’s terms, the operator will be investing a total of US$120m in port upgrades, of which US$100m are already invested to date.
Following formal approval of Liberia’s membership by the World Trade Organization (WTO) in December last year, the ratification of the Liberian WTO Protocol of Ascension was formalised on June 15, 2016 by the country’s government.
The country will now become the WTO’s 163rd member nation, with its membership becoming effective 30 days after the official ascension notification is received by the organisation.
According to a statement by APMT, trade policy and other reforms deriving by the newly-acquired membership are expected to “help to stimulate foreign direct investment in Liberia and increase port traffic”.