LGC Capital and Groombridge Trading signed LOI with Cuba’s EAIVG

LGC Capital’s Canadian joint venture partner Groombridge Trading (GTC) has signed a letter of intent (LOI) with Cuba's Empresa Agro Industrial Victoria de Giron (EAIVG) to support them with an investment for development and regeneration of citrus production in the country.

A part of Cuba’s Ministry of Agriculture, EAIVG is seeking for financial support to enhance its production capacity of citrus and juices to support domestic and international markets. It will also market and export juices and citrus under its own brand.

The new investment will be useful for EAIVG to increase planting, install irrigation systems, import required inputs, and modernise the industrial production of fruit juice and packing plants.

LGC Capital CEO David Lenigas and GTC president Chris Murphy 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.”

Situated 130km east of Havana, EAIVG is the largest agricultural enterprise in Cuba. In addition to citrus, it also produces fruits, vegetables, beef, pork charcoal and rice.

The 50/50 Groombridge Trading/LGC Capital joint venture will work with and assist EAIVG to access new investment funding and bring assistance to improve operational aspects such as growing and processing technology, marketing and exports.