French company invests over US$10 million in Sao Tome and Principe

French company Malongo Mane plans to invest over US$10 million on coffee plantations on the island of Sao Tome, as part of a contract due to be signed Wednesday in the capital of Sao Tome and Principe by the company and the Sao Tome government, announced the Minister for Agriculture, Teodorico de Campos.

In an interview with Macauhub, Campos noted that @as well as coffee, which will be the dominant product in an area of 232 hectares, the French company will also explore cocoa and vanilla plantations.”

The concession contract, which will come into force as soon as it is signed, will last for a minimum period of 20 years, under a pre-agreement signed just over two years ago by the French company and the Ministry for Agriculture and Rural Development on behalf of the government.

The Minister added that negotiations took place in the last 48 hours in the capital of Sao Tome between the representatives of Malongo Mane and officials ad technicians from the Ministry of Agriculture and the Ministry of Finance.

In 2015, coffee was the third most exported product from Sao Tome and Principe on a list headed by cocoa, which is still the main driver of the Sao Tome economy, accounting for around 93 percent of all annual revenue.

Located in the district of Mé-Zóchi in the middle of Sao Tome island, Monte Cafe was one of the islands’ economic bases until independence in 1975, and was one of the oldest plantations, founded in 1858 by Portuguese colonists at a height of 670 metres on soil perfect for growing arabica coffee and cocoa. (macauhub/CV)