Chinese company Wanbao Grains & Oils Co. plans to invest US$10 million from the Fund for Cooperation between China and the Portuguese-speaking Countries in an agricultural project in Mozambique, under the terms of an agreement signed Wednesday in Macau.
The agreement was signed by the President of the Cooperation Fund, Chi Jianxi and the chairman of Wanbao Grains & Oils (Hubei) and Wanbao (Africa) Agricultural Development (Moçambique), Chai Shungong, on the sidelines of a meeting between businesspeople from China and the Portuguese-speaking countries and a seminar and contact meeting about projects supported by the fund.
The investment will be made by the company in an agricultural project in the Lower Limpopo region, in the Mozambican coastal province of Gaza. Total investment in the project is expected to be US$200 million.
This project, which may eliminate Mozambique’s need to import rice, will have two phases, the second of which will add greater value to the product by processing the harvested rice.
Mozambique is thus the first Portuguese-speaking country to benefit from the Cooperation Fund, for which China provided funding of US$1 billion. (macauhub)