US firm, AgriSol Energy and a Tanzanian partner will invest more than $100 million over the next 10 years to develop a large-scale commercial farming project in the east African country.
AgriSol, has joined with Serengeti Advisers, a Tanzanian investments and consulting firm, to invest in crop and poultry production in western Tanzania.
“Our initial project in Lugufu involves approximately 10,000 hectares — a tiny percentage of the overall available land in Tanzania — but large enough to have a meaningful impact on the country’s agricultural industry,” Bertram Eyakuze, one of AgriSol Tanzania’s directors, told news agency Reuters.
“We project that it will cost in excess of $100 million over the next ten years to develop Lugufu fully,” Eyakuze said, adding the focus would initially be on the growth of maize and soy.
Poultry production would also be a focus of the project, so that the country doesn’t have to rely so heavily on importing chicken from Brazil and other countries.
Eyakuze said Agrisol’s farms in Tanzania would generate thousands of jobs and improve food security in the country.