Gov’t, Golden-SIFCA Sign Accord For US$34m Palm Processing Plant

The Government of Liberia through the National Investment Commission (NIC) has signed a 28-year investment incentive agreement with the Golden-SIFCA firm to develop and operate a US$34 million oil palm processing plant in Pleebo Sodoken District, Maryland County.

Golden-SIFCA is a joint venture between Golden Veroleum Liberia Inc. (GVL), and Maryland Oil Palm Plantation (MOPP), two existing oil palm concession with operations in Sinoe and Maryland counties respectively.

According to the NIC, the agreement which was signed over the weekend will create 180 direct jobs and about 500 indirect jobs during the operation and expansion phases in technical and skilled positions.

As per the agreement, the Golden-SIFCA project will contribute significantly to development activities in the project area, which includes construction, usage, improvement and maintenance of roads, bridges and other transportation facilities.

The project area, according to the agreement, will also benefit from modern health facilities, the supply of safe drinking water, provision of adequate shared housing facilities for employees, medical care, among others.

In keeping with the Pro-Poor Agenda, the NIC said the government will ensure that the investment incentive agreement socially obligates Golden-SIFCA to, among other things, give first priority to qualified Liberians in terms of employment and preference to Liberian suppliers in terms of procurement, while obeying the environmental laws of the country.

NIC Chairman Molewuleh B. Gray, making remarks at the signing ceremony,, said the agreement will bring many key benefits to the Southeastern region and support the government’s PAPD through value addition to local products, creation of a business-friendly environment that can simulate private productive investment and creation of jobs that are relevant to economic growth and development.

“The ratification of this agreement demonstrates investors’ confidence in doing business in Liberia and reflects improvement in the investment climate of the country,” the NIC boss noted.

LINA