House Ratifies Modern Mills Investment Incentive Agreement
The House of Representatives has ratified an Investment incentive Agreement between the Republic of Liberia and Modern Mills Liberia, Incorporated.
The Agreement is worth Forty million, Five Hundred Thousand United States Dollars (US$ 40,500,000.00) and has a term of fifteen (15) years as of its effective date.
Amongst other things under the Agreement, the joint Committee says the investor shall engage in processing of wheat into finished flour and value addition activities; the Investor is expected to hire at least one Hundred fifty (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.
Plenary decision followed a report from the House’s Joint Committee on Investment & Concessions, Judiciary and Ways, Means, Finance & Development Planning on the “Investment Incentive Agreement between the Republic of Liberia and Modern Mills Liberia, Inc
The joint Committee says in its report that the Agreement is for the development, construction, establishment and operation of a Flour Mill with a capacity of 150 tons per day in Liberia, specifically Montserrado County.
The report says investors shall also provide an annual company-administered-grant of Five Thousand United States Dollars (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 Universities 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 stability.
Following the reading of the joint Committee report, a motion filed by Montserrado County District#16 Representative Dixon Seboe was enough to get plenary endorsement thereby passing the instrument and sending it to the Liberian Senate for occurrence.