Liberia sign Rubber financing deal worth US$10 million for 20 years with NRI.
Rubber production is an important sector for Liberians. The sector provides majority of the nation export revenues which made the Liberian senate house to approve the rubber financing deal.
The deal which is worth US$10 million will see both the government and Nimba Rubber Incorporated (NRI) work to grow the sector. The agreement also specifies that the government is a gaurantor while NRI is the investor that will receive a partnership agreement deemed as concession rehabilitation financing agreement.
NRI will invest US$9.8 million in the first 15 years to fund the cost of reconditioning of camp houses for the personnel staff. They will also purchase equipment to recondition 80 miles of internal plantation roads, security, education, health services and procurement of farms.
In 2016, the government and NRI signed the Concession Agreement to develop 4,800 hectares of land between Ganta and Saclepea. This was to enable them produce rubber, and rubber related products for a period of 30 years with the possibility of extension.
NRI is to intervene in the Natural Rubber sub-sector. Its aim is to revive rubber plantations that have been under performing since the outbreak of the civil war (1989-2003). It also plans to assist smallholders, most of who have planted less productive seedlings on their farms.