AgDevCo has announced its latest $US 3 million investment in Mozambique’s agribusiness sector.
The UK-based social impact investor has closed an investment in Quinta da Bela Vista Limitada, an irrigated banana estate located in the Boane area of Mozambique.
Bela Vista was established in 2016 as a joint venture between Silverstreet Capital’s Silverlands I Fund and Crookes Brothers Limited and currently comprises 128 hectares of irrigated banana.
Bela Vista’s strategy is to expand the operation to 260 hectares over the next two years.
AgDevCo’s investment will support the expansion of the farm by providing long-term capital. It currently employs more than 240 people, with further employment growth expected as a result of the expansion.
The banana industry is a key source of employment, improving the livelihoods of local communities. Banana exports offer Mozambique the opportunity to increase foreign exchange earnings.
“AgDevCo’s financing will allow the company to expand and create employment opportunities in an optimal banana growing area in southern Mozambique,” said Simon Morgan, Director of Bela Vista.
In turn, AgDevCo’s Investment Director added saying, “we are pleased to support Bela Vista Farm and partner with Crookes and Silverstreet in developing the banana industry in the Boane area, helping to build sustainable impact and bring in export earnings.”
