‘Long Term Investment’

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The Director General of the National Social Security and Welfare Corporation (NASSCORP), Dewitt vonBallmoos, has described the multipurpose complex of the Corporation as a long-term investment that will help raise revenue for government, through the Corporation. Mr. vonBallmoos stated that negotiations were well advanced for its full occupation by investors.

Director vonBallmoos made the statement Friday, June 6, during program marking the official dedication of the NASSCORP-House located at the ELWA Junction, in Paynesville, outside Monrovia.

According to him, the US$11 million that was invested for the construction of the complex was exclusively raised by NASSCROP Management without receiving a loan or borrowing money from any of the commercial banks.

He noted that the dedication of the multi-million dollar complex facility signifies the rebirth of the country’s commercial activities.

 Mr. VonBallmoos said the dedication ceremony is in fulfillment of a statutory requirement that NASSCORP invests 25 percent of its insurable earnings into profitable and realistic ventures.

 Accordingly, he said,the management in 2007 drafted an investment policy and strategic documents, purposely to fast track its investment activities to meet long-term benefit commitments and cater to the socio-economic well-being of the larger Liberian society.

 He then expressed gratitude to the commercial banks for always servicing the benefits of its beneficiaries, which he said, has further brought confidence between the beneficiaries and the corporation.

For her part, President Ellen Johnson Sirleaf said she was grateful to NASSCORP and, said the completion of the multipurpose building has further demonstrated that Liberians still have a sense of what they want their country to be in the future, and will help government achieve those objectives.

By the dedication of the building, the Liberian leader said, “It would now fast track the completion of the civil service and pension reforms that will enable government to fulfill its obligations to the NASSCORP management in order that they expand their activities to other parts of country.”

The Liberian leader also expressed delight that the project is carried out by Liberia and built by a Liberian company, ECOCON Incorporated. 

Meanwhile, Eugene Fallah Kpakar, Representative of Lofa County and a member of the House’s Committee on State Enterprise, Public Autonomous Commissions and Agencies, termed the complex as historic and a testimony of where Liberians would want to see their country in years to come.

Rep. Kpakar then praised President Sirleaf and her government for creating the enabling environment for her vision to be turned into reality and encouraged other public corporations to copy the example of NASSCORP in their corporate social responsibility.

The complex includes an international conference center, shopping malls, office spaces, and banking facilities, among others.

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