Transforming two neglected farms in Southern Mozambique to a banana plantation with export potential.
The new owners of Citrum shared AgDevCo's vision of promoting a Mozambican-owned agribusiness by restructuring two under-performing farms and reinvigorating employee morale. AgDevCo invested $1.5m in equity alongside the new owners’ injection of $1.85m. With plans for intensive rehabilitation and planting, initial expenditure was focused on a pack-house, farm equipment and an efficient irrigation infrastructure, with AgDevCo providing agronomic advice to help mitigate local water shortages.
AgDevCo recognised Citrum’s potential as a best-in-class, sustainable transformational project, capable of securing further investment. Employees are re-motivated by the prospect of stable jobs, and productivity has improved through operational reorganisation and targeted training, Citrum has proven its model and is now looking to move into the next phase of its business plan.
| Investment | Total invested | Investment type | Start date |
|---|---|---|---|
| AC Matama | $500,000 | Debt / Equity | 2014 |
| Citrum | $5,925,000 | Debt / Equity | 2017 |
| ECA | $2,645,000 | Debt / Equity | 2011 |
| Quinta da Bela Vista Limitada (QBV) | $3,000,000 | Debt / Equity | |
| Transurban | $1,150,000 | Debt / Equity | 2018 |
| Westfalia Fruto | $5,580,000 | Debt / Equity | 2014 |