House reviews incentive agreement

By Bridgett Milton

The House of Representatives is currently reviewing ratification of an investment incentive agreement between the Government of Liberia and Modern Mills Liberia, Incorporated. 

In a letter to Speaker Bhofal Chambers said during the 2nd Day Sitting of the Special Session of the House, President George Manneh Weah said the agreement is for the development, construction, establishment and operation of a Flour Mill.

The Flour Mill is anticipated to have a capacity of 150 tons per day in Liberia, specifically Montserrado County. 

He said the agreement is worth US$40,500,000.00 and has a term of 15 years as of its effective date. 

President Weah noted that Modern Mills Liberia is a corporation duly organized and existing under the laws of Liberia. 

Among other things under the agreement, the investor shall engage in processing of wheat into finished flour and value addition activities.

The investor is expected to hire at least 130 Liberians in skilled and unskilled positions during the first five years.

The investor shall provide on-the-job training and vocational training to enhance the competence of those hired. 

The president’s communication said the investor shall also provide an annual company-administered grant of US$ 5,000.00 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. 

Mr. Weah 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 Representative James Kolleh, the communication was forwarded to the Committees on Investment, Commerce, Ways, Means and Finance and Judiciary.–Edited by Winston W. Parley