Oct 13, 2016 (LBO) – The ninth wealthiest businessman in Africa, and the founder of Cevital, Issad Rebrab, will invest in Sri Lanka in a sugar refinery and a vegetable oil plant in the Southern Province, the Daily News reported.
Fortune 500 ranked Rebrab said Cevital will invest 150 million Euros to build the sugar refinery and also a power plant.
“I have already found a local partner, and he has identified a 100 acre land for the project,” Rebrab told the Daily News. “In addition a further 45 million Euro will be invested to manufacture vegetable oil.”
Sri Lanka consumes nearly a million tonnes of sugar but produces only 80,000 tonnes, while importing the rest.
Rebrab built the world’s largest sugar refinery in Algeria, which has no natural resources for sugar, and is expected to utilize Hambantota port facilities for the project.