House Concurs With Senate, Passes Oil Palm Investment Agreement
On May 25, the House of Representatives has concurred with the Liberian Senate on the ratification of the Investment Incentive Agreement between Liberia and Golden SIFCA.
The Act was recently submitted to the legislature by President George Weah for ratification.
Upon receipt, the House of Representatives forwarded the agreement to its committees on Ways, Means, Finance and Development Planning and Agriculture, Forestry and Fisheries for scrutiny and subsequent advice to the body.
As per the agreement, the committees said in a report to the plenary on Thursday that the investor shall develop, construct and operate a Palm Oil Mill with an initial capacity of 40 tons per hour by the end of 2019 to be expanded to an additional 40 tons per hour during the 28-year term agreement.
Golden SIFCA is a Liberian-registered corporation with offices in Pleebo City, Maryland County. It represents a joint venture investment equally held by the Maryland Oil Palm Plantation (MOPP) and Golden Veroleum Liberia (GVL).
The committees also said the agreement seeks to support the government’s Pro-Poor Agenda by providing jobs for its citizens and also improving the lives of ordinary Liberians.
Following the committees report, the House unanimously voted to concur with the Liberian Senate on the ratification of the agreement.