The Senate yesterday unanimously passed the Investment Incentive Agreement between Liberia and Dangote Cement Liberia Limited in the tune of US$41 million for the production of cement in the country.
According to the agreement, "the investor shall make a total investment of US$41 million during the first 10 years following the effective date, and shall in his best effort assist the government in the maintenance of roads leading to its port terminal; while within the first five years following the start of commercial operations, the investor shall conduct an assessment for the establishment of cutlets in other counties across Liberia."
With respect to employment, the agreement stipulates that the investor's employment practices shall conform to applicable Liberian laws, "and in no case shall the investor hire non-Liberian nationals for unskilled labor positions, employ any minor as defined by law for any purpose in accordance with law and the United Nations Conventions on the Rights of the Child."
The investor will also give preference for employment at all levels of financial, accounting, technical, administrative, supervisory and senior management positions and other skilled positions to qualified Liberian nationals as and when they become available, "it being the objective of the parties that the operations and activities of investor under this agreement."
In the statement by the Senate Committees on Concessions and Investment, Judiciary, Human Rights, Claims and Petitions, following several consultations with stakeholders, meetings in committee rooms and a public hearing, "The Senate Joint Committee is of the opinion that the Dangote Cement Liberia Limited is able to perform in good faith the terms and conditions of the agreement to establish a cement facility which will stabilize and provide affordable prices, access of cement on the local market and create employment opportunities for Liberians."
In view of the foregoing, "and in consideration of the importance of the proposed incentives to the success of the project as enshrined in the Investment Incentive Agreement between Liberia and the Dangote Cement-Liberia, the joint committee hereby recommends to the plenary of the Senate to approve the ratification of said agreement with the provisions that the agreement will be subject to review every five years as of the effective date."