By Bill W. Cooper
The Liberian Senate has unanimously voted to concur with the House of Representatives to ratify an investment incentive Agreement between the Republic of Liberia and Modern Mills Liberia, Incorporated.
The Agreement accordingly is worth US$40,500,000 and has a term of 15 years as of its effective date.
The Senate’s decision followed a report from its joint Committee on Investment & Concessions, Judiciary and Ways, Means, Finance & Development Planning on the “Investment Incentive Agreement between the Republic of Liberia and Modern Mills Liberia, Inc.”
The joint committee in its report read in open plenary yesterday, January 26, 2023 stated that the agreement is for the development, construction, establishment, and operation of a Flour Mill with a capacity of 150 tons per day in Liberia, specifically Montserrado County.
Amongst other things under the Agreement, the joint Committee says the investor shall engage in the processing of wheat into finished flour and value addition activities.
The Investor is expected to hire at least 150 Liberians in skilled and unskilled positions during the first five years and shall provide on-the-job training and vocational training to enhance the competence of those hired.
The report says the Investor shall also provide an annual company-administered grant of US$5,000 for scholarships to Liberian students residing within the project-affected communities.
Accordingly, the scholarships will be for high school graduates and university students to study in Liberia. The Liberian leader noted that the project will bring key benefits such as value addition and job creation, thereby contributing to the country’s economic stability.
Meanwhile, following the reading of the joint Committee report, the Senators then agreed for the passage of the instrument with an instruction that communication be forwarded to the President for his signature as well as be printed into hand bill.
