The Southern Agricultural Growth Corridor of Tanzania’s Catalytic Trust Fund (CTF) board chairman Ami Mpumbwe (seated left) and Movek Development Solutions director Kefao Mugittu sign documents during a grant awarding ceremony in Dar es Salaam yesterday. Looking on are Industry, Trade and Investment deputy permanent secretary Joel Malongo (standing left) and CTF executive secretary John Kyaruzi. PHOTO|COURTESY OF SAGCOT
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Dr George Mlingwa of Geoman Cane Estate said he had started a process of constructing a sugar factory in Mikumi. He said he was involved in sugarcane farming for 20 years now, having started the project with initial working capital of Sh8 billion.
Dar es Salaam. Five agro-investors in the Southern Agricultural Growth Corridor of Tanzania (Sagcot) have received about Sh1.6 billion from the body’s Catalytic Trust Fund (CTF) established to stimulate their investment.
Speaking at an event to award the funds yesterday, Sagcot executive director Geoffrey Kirenga said five local investors had won access to the fund. They include Geoman Cane Estate Ltd which seeks to produce 4,000 tonnes of sugar starting next year. The firm received Sh628.5 million. Other investors, with funds in brackets are who received the funds are; Njombe Milk Factory (Sh380 million), Asas Dairy (Sh219 million), Mtenda Kyela Rice Supply Ltd (Sh219 million) and Muvek Development Solutions (Sh219 million).
Dr George Mlingwa of Geoman Cane Estate said he had started a process of constructing a sugar factory in Mikumi. He said he was involved in sugarcane farming for 20 years now, having started the project with initial working capital of Sh8 billion.
“We have already mobilised 500 out-growers in various villages based in Mikumi Division to cultivate sugarcane. We expect to start processing 150 tonnes of sugarcane next year,” he said. Sagcot CTF board chairman Ami Mpungwe said while contribution from foreign donors to the government was awaited, funds had been disbursed to five agro-investors.
Mr Mpungwe said the CTF, which had targeted to raise capital of between Sh109 billion and Sh219 billion from local and foreign sources, was expecting to sign an agreement with the World Bank for a support of $35 million (766.5 billion).
The deputy permanent secretary in the Ministry of Industry, Trade and Investment, Mr Joel Malongo, told the beneficiaries of the Catalytic Trust Fund to spend the money judiciously to enhance Sagcot’s credibility.
