AgDevCo Invests $1.5m to Rehabilitate Banana Plantation in Mozambique
THERE GOES 5% of our GDP to Mozambique.
Agribusiness project developer AgDev Co has partnered with a group of experienced Mozambican investors known as Nika to rehabilitate Citrum SA, a banana plantation in the country in a bid to increase its hectares and yields.
Citrum farms which currently produce various citrus fruits and the banana plantation will be rehabilitated to make the banana its main focus.
“I believe in the success of this investment because there is a growing
market close to us, an experienced team managing the business and the two farms have very good growing conditions for bananas,” said Arnaldo Ribeiro, Nika Director.
The banana produce will be sold in the local market and exported to South Africa.
AgDevCo’s Mozambique Country Director Rui Sant’ana expressed the organization’s pleasure at partnering with Nika in developing Citrum and confirmed its commitment to making the investment work.
He added, “We believe that it will become a flagship project and encourage more local investors into the commercial agriculture sector.”
AgDevCo leverages financing from the UK Government through DFID to invest in agricultural SMEs and new agribusiness ventures in Africa.
It recently invested $450, 000 in Ugandan milling business Talian Company and $225, 000 in Tanzania’s poultry sector.