At long last, members of the Liberian Senate have concurred with the House of Representatives on the passage of an investment incentive agreement between the Republic of Liberia (RL) and Gboni Enterprises Incorporated.

In September this year, the House of Representatives ratified the agreement following reports from its Joint Committee on Investment & Concessions, Judiciary and Ways, Means, Finance & Development Planning on the “Investment Incentive Agreement between the Republic of Liberia and Gboni Enterprises Inc”.

Gboni Enterprise is a 100% Liberian-owned oil and gas importation and Distribution Company that has been successfully operating in Liberia for over twelve (12) years in the country.

The agreement was signed on April 21, 2023 by the parties for the construction of a 25,000 MT ultra-modern petroleum storage terminal. The construction of this terminal will help alleviate the looming shortage of petroleum products in Liberia.

Meanwhile, following a critical review of the instrument, the Senate voted to pass the instrument into law citing huge benefits to the country.

Senators up on Capitol Hill believe that the investment will in addition create more direct jobs and indirect jobs, as well as boost the country’s economic growth.

The total cost of the investment is valued at US$22,000,000 (twenty-two million United States dollars).

The agreement seeks to have significant positive impact on the Liberian economy by creating jobs and helping to ensure the long-term security of energy supply.