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afrol News / SADC, 17 May - A Mauritian company and a consortium led by Barclays Bank have agreed to finance the rehabilitation of a sugarcane plantation and its factory in northern Tanzania. Under a financing agreement, signed recently in Port Louis between Consolidated Investment Enterprise Ltd (CIEL) and the bank consortium, the Tanganyika Planting Company, located in the foothills of Mount Kilimanjaro, will be rehabilitated at a cost of US$15 million. CIEL officials said the sugar company was bought in September 2000 by the Sucrerie des Mascarareignes Ltd whose main shareholders are Mauritian sugar company Deep River Beau Champ (60 percent) and Quartier Francais (40 percent) from nearby Reunion. Production at Tanganyika Planting Company, one of the main sugar plants in Tanzania, would be around 40,000 tonnes this year, but the target is to produce 72,000 tonnes a year as from 2006. It was nationalized by Tanzania in 1979 and privatised in 2000.
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