Monrovia — Many Liberians are expected to get jobs as a result of a signing ceremony the Government of Liberia (GOL), and two concessions -LIBINCO Oil Palm Inc. (LIBINCO) in Palm Bay, Grand Bassa County and the Butaw Oil Plantation in Sinoe County.

The Concession Agreements, which are expected to last for the next fifty years were signed with the Equatorial Biofuels and the LIBINCO at the Ministry of Agriculture in Sinkor.

During the short ceremony, the Minister of Agriculture, Dr. Chris Toe, Finance Minister, Dr. Antoinette Sayeh, National Investment Commission (NIC) Chairman, Richard Tolbert and the Acting Minister of Justice Ministry signed on behalf of GOL, while the Chairman of Equatorial Biofuels Plc/LFPI, Michael Frayne signed on behalf of his company. The president of LIBINCO, J.H. Jaoudi of Vasta, California, signed for his company.

Speaking shortly before the signing ceremony, the Minister of Agriculture, Dr. Chris Toe pointed out that the renewal of the agreement was to take advantage of the option under the concession agreement that was previously signed in 1965 for LIBINC in Grand Bassa County and the other was with respect to the Butaw Oil Company in Sinoe County, which also resulted from a renegotiation of the agreement that was signed in 2005.

Giving a brief highlight on the two agreements, Dr. Toe stated that both agreements are almost similar with the exception of few differences. He said under the terms of agreement, LIBINCO signed a fifty-year extension agreement to rehabilitate the existing 8,500acres planted, to clear and plant the balance of 26,000 acres for a total of 34,500.

Minister Toe said an additional 50,000 acres was granted to LIBINC out of which 25,000 acres are dedicated to the "out growers" program whereby LIBINC, with the help of International Organizations would enable Liberian farmers to own and operate their own farms.

According to Dr. Toe, out of the fifty years agreements signed by the two companies, the initial seven years would be used for rehabilitation period, with the intention of replanting the entire production area, while the remaining 43 years would be used for the company's regular activities.

The Agriculture boss said under social benefit, there are provisions to encourage Liberians to get top management positions, and in the first five years, Liberians would occupy 30% of the management positions, and after a period of ten years, Liberians would occupy 75% of managerial positions.

Making remarks following the signing ceremony, the GOL representatives from NIC, the Ministries of Finance, and Justice, in separate statements, said the signing of the agreements is a clear manifestation of GOL's willingness to improve the lives and conditions of its people in the country.

They said this new development would boost the country's economy and that it would pave roads in addition to many other agreements that are expected to come, and the government would do everything possible to 'level the playing field' amongst investors in the transparent way.

According to them the three products that are expected to revive Liberia and create more job opportunities for thousands of Liberians are the Timber, Rubber and Oil Palm. They however assured their partners that they would do everything within their power to work along with them in the implementation of the projects.

The President of LIBINCO, J.H. Jaoudi and the Chairman of EBF, Michael Frayne in separate statements thanked President Ellen Johnson-Sirleaf and her government, and all those who contributed to the realization of the agreements. They also pledged their fullest support to work with the people of Grand Bassa and Sinoe Counties.

The Senior Senator of Sinoe County, Mabutu Nyepan and the Superintendent of Sinoe County among several others witnessed the signing ceremony.