The Spanish company Biocongo Global Trading is to invest 150 million euros over five years to develop oil palm cultivation in the departments of La Cuvette and Cuvette-Ouest, in the northern part of Congo.
The agreement covering the investment was signed Monday in the Congolese capital, Brazzaville, between the company’s Chief Executive Officer, Eugene Hubert Obba, and the Congolese Minister of Industrial Development and Promotion of the private sector, Rodolphe Adada.
Through the investment, the Spanish company intends to promote, in partnership with the Congo, agro-industry using its experience in the oil palm industry.
The government is committed to making available to the company 60,000 acres, permits and other necessary authorizations.
The project will employ an estimated 22,000 people.