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Eastern Cape needs funds for Argentinian soya joint venture
The Eastern Cape Development Corporation (ECDC) is talking to government and private companies to help fund a multimillion-rand agricultural venture to farm soya beans that is expected to create thousands of jobs.
A soya bean farming venture has been proposed for the Eastern Cape and now the ECDC is seeking private and government funding to get this project off the ground. Image: In2EastAfrica
It will run the joint venture with an Argentinian consortium, A&G International, an Argentinian consortium, having signed an agreement for the production of 25,000ha of soya beans in selected villages in the Transkei. The crop will be exported.
ECDC's Risk Capital Specialist Phakamisa George said that it was consulting with the government and private companies to raise the required capital to ensure that the first 20% of the crops, or 5,000ha, was planted by the end of next year. This would be followed by 25,000ha by 2016.
It would invest R5.33m in a 500ha pilot project, which would start to produce soya beans in Ngcobo, Elundini and Mbashe local municipalities.
A&G International's Paul Ureel said the villages would contribute through cooperatives by making land available for the venture while the ECDC would finance it.
A&G would provide technology, and if the programme was successful it would pioneer the launch of grain production in the province and embark on a number of complementary activities.
A five-member A&G delegation, led by Ureel, last month spent a week in the province identifying appropriate sites and inspecting the state of the soils and farms.
"In April, the ECDC visited the Argentinian province of Cordoba to learn about the grain production chain from soya bean to oil for human consumption, biofuels and animal feed," George said.
Land preparation is expected to start this month.
Source: Business Day via I-net Bridge
Source: I-Net Bridge
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