Millions of dollars pumped into oil palm development in Tanzania

MONGABAY

tz_elf_0579Plans for a 10,000-hectare oil palm project are underway in Tanzania, backed by a $111 million investment from a local industrialization organization and a foreign investment firm, reported the East African Business Times. The National Development Corporation, or NDC, is spearheading what they’re calling the Integrated Oil Palm Project in the Ruvu River Basin near Tanzania’s commercial capital, Dar es Salaam. It’s the next step in a deal signed in 2013 with Nava Bharat, a venture capital firm based in Singapore. So far, the project has secured 6,000 hectares of the total project area. NDC was formed by an act of parliament in the 1960s to “catalyze economic development” with the motto, “Join us in industrializing Tanzania.” The organization points to lucrative export markets hungry for palm oil in Europe and Asia. Read Full Story