Monrovia — The Liberian Senate has concurred with the House of Representatives on the ratification of an Investment Incentive Agreement between the Republic of Liberia and Modern Mills Liberia, Incorporated.

The plenary decision followed a report from the Senate Joint Committee on Investment & Concessions, Judiciary and Ways, Means, Finance & Development Planning on the "Investment Incentive Agreement between the Republic of Liberia and Modern Mills Liberia, Inc".

The joint committee stated in its report that the agreement is for the development, construction, establishment, and operation of a flour mill with a capacity of 150 tons per day in Liberia, specifically Montserrado County.

The Agreement is worth US$40,500,000.00 and has a term of 15 years as of its effective date.

Amongst other things, under the Agreement, the joint committee says the investor shall engage in the processing of wheat into finished flour and value-addition activities. The investor is expected to hire at least 150 Liberians in skilled and unskilled positions during the first five years and shall provide on-the-job training and vocational training to enhance the competence of those hired.

The report says the Investor shall also provide an annual company-administered grant of US$5,000.00 for scholarships to Liberian Students residing within the Project affected Communities.

Accordingly, the scholarships will be for High School graduates and University students to study in Liberia. The Liberian leader noted that the project will bring key benefits such as value addition and job creation, thereby contributing to the Country's economic stability.