The House of Representatives (HoR) has passed into law, the Strategic Partnership Agreement (SPA) between the government and the Afriland First Holdings, S.A.
The passage, according to a release, followed a comprehensive report and recommendations from the Committee on Banking, Currency, and Insurance. Maryland County Pleebo Sodokan District #2 Representative, Anthony Williams, chaired the committee.
The newly ratified agreement establishes the Liberia Corporation for Strategic Investment (LCSI); a joint venture in which the government will hold an 80 percent stake, while Afriland First Holdings will retain 20 percent.
According to the release, the partnership is designed to mobilize financial resources, support education and human capital development, and implement strategic projects across the 15 counties.
The law requires the Ministry of Finance to submit quarterly progress reports to the Legislature.
It mandates the inclusion of Liberians in the management structure of LCSI, and provides for certain tax exemptions as outlined under Chapter 3, Article 9 of the agreement, excluding income and withholding taxes.
Performance benchmarks and periodic reviews are embedded in the agreement to ensure accountability and transparency.
The Committee’s findings confirmed that Afriland is fully compliant with the country’s financial laws and that the agreement poses no legal or sovereignty concerns.
The committee members hailed the move as a bold step toward economic revitalization, job creation, and financial inclusion.
Meanwhile, the instrument is pending concurrence by the senate.