LGC Capital’s Canadian joint venture partner Groombridge Trading(GTC) will invest in Cuba’s Empresa Agro Industrial Victoria de Giron (EAIVG) to expand its production capacity.
The investment will enable EAIVG to increase production of citrus and juice for the domestic market and export under its own brand.
EAIVG, situated 130 kilometers east of Havana, is the largest agricultural enterprise in the country, and is also a part of the Cuban Ministry of Agriculture.
LGC Capital’s David Lenigas from and GTC’s Chris Murphy in a joint statement said: "GTC has been negotiating with the Ministry of Agriculture (MINAGRI) on this project and on other agricultural development projects, which will hopefully receive formal approvals shortly to proceed to the next level.
“We look forward to working with our partners at MINAGRI to bring this important project to a successful conclusion."
Besides being the largest producer of citrus in Cuba, EAIVG produces other fruits, vegetables, rice, beef and pork charcoal.
The new investment from GTC is expected to increase planting in addition to helping in the installation of irrigation systems, importing required inputs and updating the industrial production of fruit juice and packing plants.
The 50/50 GTC/LGC Capital joint venture will collaborate with EAIVG to assist the company to gain new investment funding and in improving operational aspects including growing and processing technology, marketing and also exports.
LGC Capital already has major investments and joint ventures in global companies with Cuban ties in the fields of oil and gas, agricultural, renewable energy and sports management.