(Ecofin Agency) - Algerian billionaire Issad Rebrab, Magrheb’s richest man and head of agro-food group Cevital will invest €195 million ($215 million) in Sri lanka.

While part of the investment, knowingly €150 million, will be used to build sugar refinery and power plant, €45 million will be injected into vegetable oil production, the billionaire revealed.

“I have noticed that Sri Lanka spends millions to import sugar while it could, not only be auto-sufficient but export the commodity as well,” Rebrab told Sri-Lankan newspaper, Daily News. “I want my companies to help Sri Lanka turn the tide by making it one of the world’s biggest exporters of vegetable oil and sugar,” he continued.

Cevital CEO also indicated that the upcoming refinery will be ecologic, power-sufficient and meet international standards. “We will produce energy from sugar cane waste and excess power will be injected in national grid,” he said.

The project should be developed in two years if Colombo’s authorities approve it, on a 40 hectares land, the source disclosed.

Issad Rebrab’s worth has been valued at $3.2 billion by U.S. magazine Forbes.

Alain Okpeitcha