APS : Monday, 23 January 2017
ALGIERS – An investment agreement worth $250 to $300 million (nearly 25 to 30 billion dinars), on the achievement of several agricultural projects in the southern province of Adrar (1543km south of Algiers)
has been signed Monday in Algiers between Algerian private dairy group Tifralait and the American International Agriculture Group (AIAG).
The agreement was signed in the presence of Minister of Agriculture, Rural Development and Fisheries Abdesselem Chelghoum and President of the Algerian-US Business Council Smail Chikhoun.
The two groups agreed to create a joint venture for the achievement, over an area of 25,000 hectares, several projects covering the industries of potato, fertilizers, cereals, dairy, cattle feed, maize and soya.
This project will be carried out under the 51/49% rule governing foreign investment in Algeria
Concerning the dairy industry, the two partners eye reaching a production of 190 million litres of milk per year and 20,000 tonnes of red meat per year.
They also ambition to annually produce 22,000 tonnes of cereal and 105,000 tonnes of cattle feed.
The deal is expected to create 1,500 jobs.
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