July 23 (Bloomberg) -- The European Commission is “ready to support” a program intended to triple agriculture production in Tanzania, according to European Union Commission President Jose Barroso.
The Southern Agricultural Growth Corridor of Tanzania aims to use $2.1 billion of private investment, and $1.3 billion public grants and loans to bring 350,000 hectares (864,869 acres) into profitable agricultural production, according to information on its website. Tanzania grows cereals, mainly rice for domestic consumption, and for exports coffee, tea, cashew nuts, tobacco and cotton.
For the seven years beginning 2014, the European Commission expects to approve more than 600 million euros ($727 million) of funds to support Tanzania, Andris Piebalgs, the EU’s commissioner for development, said in an interview last week.
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