Home Business NIC Announces $34M MDA for Palm Oil Processing in Maryland

NIC Announces $34M MDA for Palm Oil Processing in Maryland

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The Government of Liberia through the National Investment Commission (NIC), Ministry of Finance & Development Planning, Ministry of Agriculture, and Golden-SIFCA signed a 28-year Investment Incentive Agreement (IIA) for the development, construction and operation of an 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 concessions with operations in Sinoe and Maryland counties, respectively. The MOPP Concession Agreement requires that the Concessionaire builds an oil palm processing facility capable of processing at least 20 tons of crude palm oil per hour by the ninth year after the effective date of the MOPP Concession Agreement, and the GVL Concession Agreement requires that GVL builds an oil palm processing facility by the tenth year after the effective date of GVL’s Concession Agreement. Both companies have proposed to fulfill their obligations through their respective ownership interest in Golden-SIFCA.

The Golden-SIFCA agreement negotiated by Government of Liberia in 2018 through thorough due diligence, analysis, and evaluation of the investment incentive proposal, will create about 180 direct jobs and around 500 indirect jobs during the operation and expansion phases in technical and skilled positions. Additionally, the Golden-SIFCA project will contribute significantly to development activities in the project area including, construction, usage, improvement, and maintenance of roads, bridges and other transportation facilities.

The project promises the provision of modern health facilities; supply of safe drinking water for all employee residential communities; provision of adequate shared housing facilities for employees; medical care and free primary and high school education, among others.

In keeping with the Government’s “Pro-Poor” Agenda for Prosperity & Development (PAPD), the Government has ensured that the IIA socially obligates Golden-SIFCA to among other things, give first priority to qualified Liberians in terms of employment, and give preference to Liberian suppliers in terms of procurement, and obey the Environmental Laws of Liberia. During the signing ceremony, Mr. Molewuleh B. Gray, Chairman of NIC noted that the signing of the Golden-SIFCA agreement will bring many key benefits to the Southeastern region of Liberia in support of the Government’s PAPD through value added to local products.

He said the GOL is committed to the creation of a business-friendly environment that can simulate private productive investments and creation of jobs that are relevant to economic growth and development. Mr. Gray also noted that the signing of this Agreement demonstrates investors’ confidence in doing business in Liberia and reflects improvement in the investment climate of Liberia.

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