The Africa Agriculture Development Company (AgDevCo) has partnered with Nika SA, a Mozambican investment company, to recover a banana plantation by increasing its planted area and productivity, AgDevCo said in a recent statement.
AgDevCo will provide funds for investment in irrigation and operational costs related to the development plan, and the US$1.5 million investment will help develop one of the only commercial banana plantations managed by Mozambicans in the country.
The increase in banana production of Citrum – Citrinos do Umbeluzi resulting from the support granted will boost both local sales and exports to South Africa.
Citrinos do Umbeluzi mainly produces citrus fruits, and growing, selling and exporting bananas is a secondary business.
The statement issued by AdDevCo said that Niko plans to create more agricultural businesses and promote local investments in the sector.
AgDevCo is a UK non-profit company which, with the support of the UK Development Assistance Agency, funds debt or equity in agricultural enterprises with the aim of reducing poverty and increasing food security. (macauhub)