Kuwaiti Development Company Plans $1.5 Billion Sugarcane Project in Mozambique
May 28, 2015
After a meeting with the Mozambican Prime Minister, Carlos Agostinho do Rosario, the chairperson of the Kuwait-based Al-Badel International Development Company, Ali Mahmoud, announced plans to launch a $1.5 billion project in the country’s southern province of Gaza for the production of sugarcane.
This is the country’s second attempt to secure an investment in the sugarcane sector within the province. In 2007 a contract was signed with the London-based Central Mining and Exploration Company (CAMEC), Procana, which pledged to invest $510 million to develop 30,000 hectares of sugar plantations in the same district. However, two years after the contract was signed, only 800 hectares had been cleared. The Mozambican government canceled the contract and began seeking other investors.
The Al-Badel project is scheduled to begin within the next three months, and the sugar cane grown in Massingir will be intended for the production of bio-ethanol.
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