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 Government of Liberia and Golden-SIFCA signed US$ 34M for the development of an Oil Palm Processing Plant in Maryland County.

10th January 2019  

Government of Liberia and Golden-SIFCA signed US$ 34M for the development of an Oil Palm Processing Plant in Maryland County.

On January 9th, 2019, 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 a US$34M oil palm processing plant in Pleebo, Sodoken District, Maryland County.  

The Government, represented by the Inter-Ministerial Concession Committee (IMCC) headed by the Chairman of the National Investment Commission, Hon Molewuleh B. Gray, indicated that the by the signing of this agreement is a manifestation of the Government’s commitment to enhancing value addition and ensuring the that resources of the country is processed locally. The representatives of the IMCC includes, the Office of Legal Advisor to the President, the Minister of Mines & Energy, Minister of Finance & Development Planning, and the Minister of Justice. Golden-SIFCA was represented by Alassane Doumbia, CEO of SIFCA Group.

Golden-SIFCA is a joint industrial Agric based 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. Both Companies have come together with the common aim of boasting the development of their oil palm operation and in fulfillment of their respective obligations to construct oil palm processing facility.  The oil palm processing facility will have the capacity of processing at least 80 Ton Per Hour of crude palm oil. The company is also accessing the technical and economic feasibility of building a composting plant to recycle oil palm waste into fertilizer, set up a biogas plant (fed by oil palm solid/liquid by-products) to produce electricity at the service of the joint venture.

The Golden-SIFCA agreement conclude the review and renegotiation by the IMCC through thorough due diligence, analysis, and evaluation.  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; 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. 

Signed: Management, National Investment Commission


Document to download
20190112_NIC-HBR Press Release.pdf - 224kb
 
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