DILI, 14 february 2023 (TATOLI)—The Coordinating Minister for the Economy (MoEAC) confirmed that the Government of Timor-Leste intends to continue the TL Cement project in Baucau Municipality.
Minister of Economy Affairs and coordination, Joaquim Amaral said the government intended to continue cements project in Baucau regarding the previous decision made, to close the bank account registered in last 2018, which deposited financials for the TL clement project worth 50 million USD. It is aiming to return the amount budget to the state.
“Currently the process of closing the bank account is ongoing and the government intends to continue investing in the TL cement project,” Minister of Economy Affairs and coordination, Joaquim Amaral to Tatoli at City8, this tuesday.
The Coordinating Minister for Economic Affairs ensured that the withdrawal of investment funds from banks was carried out according to recommendations from the Auditor’s Chamber which would not have an impact on the construction process of TL Cement.
“We are following the recommendations from the Auditor’s Chamber and judging from future evaluations if more funds are needed than this, the government is willing to continue investing. This is a big investment and working with international companies with projects that are more complex,” he said.
Previously on 1 February 2023, the Government of Timor-Leste through a Council of Ministers Meeting decided to close the bank account opened in 2018, with the Central Bank of Timor-Leste (BCTL), owned by the National Authority for Petroleum and Minerals (ANPM), related to the Cement TL project, and transfer the amount deposited into the account to the State Treasury account.
In 2018, the Government transferred a budget of $50 million to a bank account opened by ANPM, with BCTL and subject to the contribution of the State based on the Special Investment Agreement (AEI) signed with TL Cement.
Previously on 29 December 2021, the Government had extended a deposit of $50 million in banks within the scope of the TL government’s special investment agreement for the TL Cement Lda project.
TL Cement promised that the project would start in 2022 therefore the government decided to extend the funds in the bank for the TL Cement project.
A special agreement between the government of Timor Leste (TL) and TL Cement Lda, was made on May 17, 2016, after which through government resolution no 41/2016 November 23 it was approved in government participation in the commercial community.
According to the agreement, TL Cement Lda will establish a cement factory in a large area with lots of quality coral, in the municipality of Baucau.
Journalist: José Belarmino De Sá
Editor: Nelia B.
