Embassy News
U.S. Plans to Build a New Embassy
The United States Government through its embassy in Liberia and the Liberian Government through the University of Liberia (UL) on Tuesday, September 25, 2007 signed an historic agreement for the lease of about 20 acres of land known as the "Greystone Compound" located at Mamba Point in Monrovia for the construction of a modern embassy complex. United States Ambassador to Liberia Donald E Booth signed the agreement for the U.S. Government while UL President Dr. Al-Hassan Conteh signed on behalf of the Liberian Government for the University of Liberia. The ceremony took place at the UL conference room in Monrovia in the presence of members of the UL Board of Trustees, Faculty Senate and Council, and representatives of the UL faculty, staff and students.
Since 1984 the United States Embassy in Liberia has been occupying the Greystone Compound and paying rent to the UL. Following negotiations for a "long-term lease based on net present values assessment of the fair market price of the property,"; the U.S. Embassy agreed to pay US$1,157,186 for an initial term of 50 years, and US$1,272,905 for a renewal term of 50 years, amounting to US$2,430,091. The amount paid for use of the land will establish an endowment for the University to ensure its continued growth for years to come.
Ambassador Booth said the signing of the agreement for the lease of the Greystone Compound to construct a modern embassy complex signifies U.S confidence in the future of the new Liberia. Ambassador Booth pointed out that the U.S. Embassy has always remained open in Liberia even during the war years, adding that the agreement indicates that the US is a true partner of Liberia.
UL President Conteh said "the decision of the United States to make this investment in Liberia is pivotal to implementing its foreign policy towards post-war Liberia, thereby ensuring sustainable peace and stability in our country and the West African sub-region." Dr. Conteh outlined the benefits that the University would receive under the agreement and pointed out that the institution will use the Greystone rental to establish a US $2.4 million endowment fund.