ADA Broke! – Gov’t Scots New Investor in Lofa Rice Project?
Government has confirmed that the much touted industrialized rice farming project in Foyah District, Lofa County is at a standstill, this is because the company has ran out of fund.
Vice President Joseph N. Boakai confirmed in response to a New Dawn question on the US30 million rice projects at a media encounter on Thursday that the Libyan Development Portfolio / African Development Aid know as ADA/LAP has ran out of operational fund.
He said it is true that ADA has some of the best equipment capable of producing the best rice but that the company is broke.
VP Boakai said government has communicated to the company informing the entity that if they do not have the capacity to continue the project, it can bring in another company to fill in.
However, he was quick to add that it is a “well intended project.” He said government has heard that the company is trying to gather some fund, but he maintained that government may consider another company to continue the process if the company fills in that direction.
