A bill seeking ratification from the Legislature has been submitted by President Ellen Johnson Sirleaf.
The bill title 'Investment Incentive Agreement or (IIA), is between the Government of Liberia and the RIA Resort. It is in the amount of US$25,000,000 (United States Dollars Twenty Five Million) and has a fifteen years terms agreement.
Already, President Johnson-Sirleaf informed the Legislature that Twenty Million United States Dollars has been made in total investment, with anticipation of additional five million to be made for the completion of the hotel. The agreement she told lawmakers is geared towards the construction of a five star hotel and resort facilities on the leased area acquired from a lease agreement entered into between the Investor and the RIA for a period of 30 years.
The purpose of the investment, she added is to boost the private sector, as well as facilitate the growth and development of travel and tourism in the country.
President Johnson-Sirleaf said the initiative is intended to create jobs, showcase and encourage Liberia's art and craft sector, preserve the country's originality, revive financial wealth and promote economic development and sustainability.
According to her, the agreement is in line with Liberia's relevant laws and public policy appertaining compliments and the development plan of the hotel and resort sector of Liberia and to attract tourists.
President Sirleaf explained that as government commits to creating jobs and a sustainable economic environment, the passage into law of the agreement will demonstrate the country's commitment and implementation in its development endeavor.