President George Weah sent a $30 Million Fouani Brothers Investment Incentive Agreement to the Liberian Senate which was read on Wednesday, 15 July 2020, for the construction and operation of a crude oil palm refinery in Liberia for consideration and passage.
The communication from the President is dated July 6th 2020. It stated the agreement is according to section 6e of the Economic Empowerment Tax Amendment Act of 2016. The refinery is expected to produce refined edible vegetable oil, margarine, and other processed food products, gasoline and soap noodles for the country and export to Mano River Union countries and other neighbouring countries.
All the aforementioned products are currently being exported into the country and the creation of the refinery will save the government more money and boost the local workforce and production.
Excerpts from the Investment Incentive Agreement from the President:
“Honourable President Pro Tempore, this crude oil palm refinery will be an investment of approximately US$30 million, and will add value to crude oil palm produced in Liberia; specifically, the refinery will produce refined edible vegetable oil, margarine, and other processed food products, gasoline and soap noodles, all of which are now imported and thereby save the country much needed foreign exchange used to import these materials.”
“It is in consideration of the above, and relying on Section 6e of the Economic Empowerment Tax Amendment Act of 2016, which amended the revenue code of 2011, and repealed the economic stimulus Act of 2016, that this investment incentive agreement was negotiated and concluded… accordingly, I hereby request that the instrument be approved by the honourable Liberian Senate, as an integral part of the ratification process by the Legislature as is required by law.”
The Mano River Union (MRU) was established to promote regional cooperation amongst Guinea, Liberia, Sierra Leone, and Côte d’Ivoire (Ivory Coast).
