Liberia: House Reviews US$40.5M Modern Mill Deal
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Loading... - Grace Poku
- 18 Aug 2022
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The House of Representatives is reviewing a ratification of an Investment incentive Agreement (special tax free incentives) between the Republic of Liberia and Modern Mills Liberia, Incorporated.
In a letter, from President George Weah, submitted to Speaker Bhofal Chambers, which was read on August 17, — during the 2nd Day Sitting of the Special Session of the House, Weah said the agreement is for the development, construction, establishment, and operation of a flour mill with a capacity of 150 tons per day in Liberia, especially Montserrado County.
The Agreement is worth US$40. 5 million and has a term of fifteen (15) years as of its effective date. The President noted that Modern Mills Liberia is a corporation duly organized and existing under the laws of Liberia.
Amongst other things under the Agreement, 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 (5) years. and shall provide on-the-job training and vocational training to enhance the competence of those hired. 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 recovery program. Following a motion from Bong County #2 Representative, James M. Kolleh, the communication was forwarded to the Committees on Investment, Judiciary, Commerce and Ways, Means, and Finance.
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