AgDevCo has announced a debt investment of US$3mn in Quinta da Bela Vista Limitada (QBV), an irrigated banana estate located in the Boane area, Mozambique
QBV was established in 2016, as a joint venture between SilverStreet Capital’s Silverlands Fund, and Crookes Brothers Limited, and currently comprises 128ha of irrigated banana plantations.
QBV’s wishes to expand the operation to 260ha over the next two years, with the assistance of Crookes Brothers, which has a proven track record in the banana sector of South Africa.
Crookes Brothers will be providing QBV with expertise, and a marketing channel into South Africa. SilverStreet is a dedicated investor in the agricultural sector, with investments in eight countries on the continent.
AgDevCo’s investment will further support QBV’s expansion, by providing long term capital. QBV currently employs over 240 people, and intends to further expand further, creating more jobs for the locals. The banana industry is a major source of employment, and the export of bananas offers Mozambique the opportunity to increase foreign exchange revenue.
“AgDevCo’s funding of QBV will enable the company to expand and create employment opportunities in an optimal banana growing area in southern Mozambique. They have been an ideal funding partner for QBV, structuring the loan to suit the needs of the company,” said Simon Morgan, director of QBV.
“We are delighted to back QBV and partner with Crookes and SilverStreet in developing the banana industry in the Boane area, helping to build sustainable impact and bring in export revenue,” said Charlotte Dubois, investment director at AgDevCo.