An agricultural fund of the African Development Bank (ADB) has granted funding of US$1.5 million to two projects in Mozambique, the fund said in a statement cited by Mozambican news agency AIM.
The two projects selected by the ADB “Fast Track” Fund are one for sugar cane production led by EcoFarm, a US non-profit organisation, and a chicken production project led by Brazilian construction company Odebrecht.
The sugar cane project will receive funding of US$797,500. The two projects were selected for the significant impact they will have on local communities.
With its sugar cane project, located in Sofala province central Mozambique, EcoFarm expects to create 1,000 jobs and US$1.2 million in income for the region. It works with local property owners who own 50 percent of the land given over to sugar cane in the region. (macauhub/MZ)