The Ministry of Post and Telecommunications has signed a Public Private Partnership (PPP) agreement with Vapco-Liberia Incorporated, which is expected to generate over US$3 million in revenue for the Liberian government.
The contract agreement was signed on Monday, January 14, 2019 in the office of the Minister of Posts and Telecommunications, Cllr. Cooper W. Kruah, along with Molewuleh B. Gray, National Investment Commissioner Chairman.
Gray, who welcomed the contract agreement, urged the company to perform what is being placed in the agreement.
The agreement with Vapco, which is valued at US$646,745.61 intends improve the aging ‘lock-box section’ of the Ministry to boost revenue generation for national budget.
The private locked box is a subscription service offered to institutions, and individuals wishing to obtain a private locked box for their inbound mail arriving at the post offices across the country.
The Ministry, through its postal networks, offers a variety of services and products to the public, including the ones that are critical and important as a major source of revenue generation.
Minister Kruah said the agreement will take less than two years, and also the formulation of the regulations to make it mandatory for business and institutions to obtain a private ‘locked box’ will require additional time.
“The contract with Vapco is expected to last for 10 years, but there will be no revenue generation for the first year after the signing of the agreement.
However, at the end of the first year, the ministry will start to receive 40% of revenue generated and, during the second five years period, the Ministry will get 60% of the revenue to generate while Vapco will get 40%,” Cllr. Kruah said.
Vapco Liberia, Inc. is a 100% Liberian-owned company and was established in 1984 by a Liberian entrepreneur with a diversified financial and professional background with a goal to unlock the potential of Liberians in business by creating meaningful jobs, and empowering them through the use of our own talents, experience and collective energy to design and deliver initiatives that make positive change happen.
During the signing ceremony, the CEO for Vapco, Miss Venice Dean, promised to uphold the contract agreement, ensuring that the company delivers on its promises.