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NOTICES & DOCUMENTS  

Memorandum of Understanding
By
Sep 20, 2012, 17:00
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MEMORANDUM OF UNDERSTANDING

 

BETWEEN

GOVERNMENT OF SIERRA LEONE

GROSVERNOR INVESTMENT HOLDING

September 1st 2012

Memorandum of Understanding

 

This MEMORANDUM OF UNDERSTANDING (the MOU) is made and entered into on the 1st day of September 2012 by and between:

 

a) GOVERNMENT OF SIERRA LEONE represented by FRANKLYN BAI KARGBO, ATTORNEY GENERAL AND MINISTER OF JUSTICE (hereinafter referred to as the GoSL) as party A

 

And

 

b) GROSVERNOR INVESTMENT HOLDING, a group of companies operating in multiple markets with vast experience and proven track record in different business lines whose principal place of business is at Brompton  Road, London SW3 INE United Kingdom, (hereinafter referred to as GIH) as party B.

 

WHEREAS

 

1) The GoSL believes that GIH along with its international partners has the capacity and rich experience in executing infrastructure projects in maritime works, such as port construction, airport construction, master       planning, oil refining and other business areas, and would like to cooperate with GIH for the development of potential projects as per below list of         projects (Hereinafter referred to as PROJECTS).

 

2) GIH, as a large group of companies, enjoys full support from its international partners and various financial institutions, has proven the ability and capacity to execute similar projects in the past, has interest to participate in the PROJECTS.

 

3) This MOU sets out the principal terms of a proposed strategic partnership between GoSL and GIH pursuant to which the Parties will seek to work together to enter into binding agreements which will relate to developing          and implementing THE PROJECTS.

 

4) In order to assess the viability of the PROJECTS, GIH would like to send the required delegations to conduct site investigations and perform a technical assessment followed by feasibility studies for the Projects after the signing of this MOU.

 

5) The GoSL shall facilitate the process and provide GIH access to information (financial, corporate, legal) as GIH may require for assessing the Projects and developing in coordination with GoSL a financing and execution strategy for these projects.

 

6) A commercial agreement will be assigned thereafter by and between GoSL and GIH for individual projects depending on satisfactory evaluation of the studies and financial mode by GoSL.

 

7.      List of Projects:

 

The Projects are listed below by priority with primary focus on revenue generating projects. The final priority list would be determined based on the outcome of the feasibility studies and in line with GoSL investment strategy and vision.

 

     Expansion of marine port in Freetown/development of a new port in Sulima.

 

*  Development of a new airport - Freetown (this will be done in collaboration with ongoing project/committee),

*  Development of a new city/extension of the existing city to serve as the political/administrative capital of Sierra Leone (this will  be done in collaboration with ongoing project/committee);

 

*  Development of new refinery;

 

*  SEZ/industrial parks establishment;

 

*  Development of social housing projects; and

 

*  Development of various factories and a gated community, as a private investment for GIH (separate land plots for the 2 projects need to be allocated by GoSL).

 

8) Funding:

 

The projects financing would be discussed in details between the parties in order to facilitate the arrangement for the projects funding. Access to funds would mainly depend on the financial structure put in coordination with GoSL, the securit provided by GoSL against the funds anticipated, and the outcome of the feasibility studies.

 

Financial modalities could be based on PPP, BOT, profit sharing or other financial models as may be agreed by the parties.

 

9) GIH undertakes to share with GoSL the findings/ownership of the feasibility and technical studies.

 

10)The Parties agree that it is essential that the contents of this Memorandum of Understanding and the negotiations between them remain strictly confidential, except as required by law or any regulatory authority or as GoSL may deem necessary.

 

Each party undertakes to treat as strictly confidential all information which may be supplied to or obtained by it or its professional advisers relating to the other during the course of negotiations, except for any information which is or becomes public knowledge (other than as a result of a breach of this undertaking) or which is trivial or obvious or which is required to be disclosed by law.

 

IN WITNESS WHEREOF, the Parties hereto, acting through their duly authorized representatives, have caused this Memorandum of Understanding in two (2) original copies to be signed in their respective names with effect from the date first above written.

 

For and on behalf of                                For and on behalf of

Government of Sierra Leone                  Grosvenor investment Holding

 


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