The Plenary of the House of Representatives has mandated its committees on Ways, Means and Finance, and Investment and Judiciary to review a concession agreement submitted to that body for ratification by President George Manneh Weah and advise plenary within one week.
President Weah submitted for ratification recently the “Concession Agreement between the Government of Liberia and Prista Port Buchanan LLC”.
In his communication, the Liberian leader indicated that the agreement when ratified and subsequently passed by the Legislature, will create over one thousand jobs for qualified Liberians.
Under the agreement, according to President Weah, the concessionaire will help improve access to education, healthcare and at the same time give preference to Liberian suppliers in terms of procurement provisions, among other services.
He said the seaport agreement, which is in the tone of US$277,000,000 investment has a term of 25 years, adding that the concessionaire will be obligated to develop, operate, manage and optimize the operations of the Port of Buchanan.
“The improved capacity and efficiency of the Port of Buchanan is essential in supporting the Government’s long-term aim to export iron ore from both Nimba County and Guinea, as well as improving infrastructure for importing and exporting other goods. The main business focus of the concession is in the export of iron ore, supporting the strategic aims of the Government,” Pres. Weah said.
He further stated in his communication that the concessionaire is expected to modernize the Port of Buchanan and increase its capacity from 3.5 million tons to 9 million tons per year by 2041.
President Weah at the same time submitted for ratification “Investment Incentive Agreement between the Government of Liberia and Capital Link Corporations.”
He stated that the agreement is for the construction and development of a Cement Plant to be situated within the Port of Buchanan, Grand Bassam County.
The Liberian leader said the investor is expected to produce and market cement products on the Liberian market, stating that it will create 500 jobs during its construction stage and over 100 direct jobs during the operations of the plant.
“The Investor will provide a company administered grant of US$10,000.00 for scholarship purposes to the county,” he said.
Accordingly, President Weah said the agreement is in support of the government’s Pro-poor Agenda, leading to the rebuilding of Liberia and creating jobs for its citizens.
Following a motion, plenary unanimously voted for the communication to be forwarded to the committees on Ways, Means and Finance, Investment and Judiciary to report in one week.