Dangote Group has secured approval from Liberian authorities to invest $41 million into the nation’s cement industry.
The approval followed a unanimous passage of a document on investment incentive agreement (IIA) between Liberia’s senate and Dangote Cement Liberia Limited.
“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 factory which will stabilise and provide affordable prices, access of cement on the local market and create employment opportunities for Liberians,” the committee said in a statement.
“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 senate to approve the ratification of the said agreement with the provisions that the agreement will be subject to review every five years.
“The investment shall make a total of investment of USD$41 million during the first ten years following the effective date. And shall in his best efforts 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 investment shall conduct an assessment for the establishment of cutlets in order counties across Liberia.”