An Algerian private food industry group CEVITAL Group has a signed an investment deals with Rwanda worth US$250m in agro-processing.
CEVITAL Group has had US$3.5b of turnover in 2010.
According to a press release from Rwanda Development Board(RDB), the Government represented by the Rwanda Development Board (RDB) and the National Agriculture Export Board (NAEB) recently signed a Memorandum of Understanding (MoU) with CEVITAL Group.
The group’s Board of Directors Chairman Issad Rebrab, said the immediate interest is to add value to Rwanda’s tea but also to set up a sugar production plant with the capacity of at least 200.00MT per year.
In addition, CEVITAL Group is not only interested in partnering with local companies such as Inyange Industries but is also considering investing in grains and cereals processing.
The main objective of the MoU is to document preliminary understanding of the parties’ roles and responsibilities with respect to the Project’s implementation.
While RDB promised to continuously support the company during its operations, the National Agriculture and Export Board through its Director General Alex Kanyankore also committed to assist CEVITAL Group in its operations which will be related to agriculture exports.
RDB CEO John Gara in his statement said that “Agriculture is still playing a significant role in Rwanda’s economy with 35% of GDP and 60% of commodity export revenues; therefore the Government of Rwanda still places urgent and strategic importance to this sector, particularly on value addition, to enable the country’s rapid economic growth. Therefore, this investment is a welcome addition.”
CEVITAL Group is expected to commence operations in Rwanda before the end of this year.
ENDS
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