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US$100M Contractual Agreement on Capitol Hill

President Ellen Johnson-Sirleaf has forwarded the recently signed contract agreement with the Danish Company, APM Terminals to the Liberian Legislature for ratification.

The contractual agreement, submitted to the Liberian Legislature last Thursday, is valued at US$100 Million, and has duration of 25 years. The agreement, later sent into committee room for perusal, will specifically rehabilitate the facility, modernize and manage the Freeport of Monrovia.

There are reports that the arrival of the agreement at the Capitol would cause lawmakers to extend the time for their agriculture break expected to commence on August 31, 2010. The extension is at the request of President Sirleaf   for the lawmakers to also pass the national budget.

During the signing ceremony on Monday, the Vice President of APM Terminals, Hans Ole Madsen noted that the project will kick off after the Liberian Legislature shall have ratified the agreement.

Mr. Madsen assured that within the next six months, his company will build a first class port for Liberia to include new pavements, buildings, as well as import and replace all cargo-handling equipment, further adding that his company would employ about 300 Liberians during the process.

In remarks, the Chairman of the National Investment Commission, Dr. Richard Tolbert boasted that the deal would further open the gateway to Liberia’s economy. Tolbert expressed the Liberian government’s committed to providing job opportunities and modernizing the country’s industrious sector.

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