The Plenary of the Liberian Senate has concurred with the House of Representatives on the passage of the Investment Incentives Agreement between the Republic of Liberia and Jeety Rubber LLC.
The Senate concurrence with the House of Representatives of the Jeety Rubber LLC. The agreement was triggered by a motion from Montserrado County Senator Abraham Darius Dillon.
In its report to the Senate, the Joint Committee on Concession and Investment, Judiciary, Human Rights, Claims and Petitions as well as Agriculture, Fishery, and Forestry informed Plenary that the People of Liberia will accrue many benefits from the Agreement when ratified.
According to the Joint Committee, the implementation of the Agreement will raise additional revenue for the consolidated account of Liberia as well as open more employment opportunities for Liberians.
The report among other things highlighted that the processing plant which will serve as motivation to other investors in the County to establish similar value-added projects and bring the needed development in the concession area.
According to the Press and Public Affairs Department of the Liberian Senate, other benefits contained in the Agreement are the health and educational programs of affected communities as well as deserving students of affected communities will receive additional sources of financial support towards their scholastic programs.
At the same time, the Company shall occupy the total land space of 222.3 acres which is located in Gborplay Town, District #5, Margibi County and shall have a lifespan of 15 years which is subject to renewal based on mutual consent of the parties to the Agreement.
It can be recalled that the Investment Incentive Agreement between the Government of Liberia and Jeety Rubber LLC was submitted to the Senate by President George M. Weah during the 15th day sitting of the special sitting of the Senate on Thursday, December 14, 2021, seeking the Senate’s Ratification.