(Ecofin Agency) - Indian company Kirloskar Brothers Ltd will provide funds for agricultural development in Guinea Bissau. The group signed an agreement with the government of Guinea Bissau for US$ 10 million to support rice growing, horticulture and cattle breeding in the country.

According to the terms and conditions of the agreement, KBL’s financing will be used to support the government's efforts to achieve self-sufficiency in rice production.

Regarding breeding, the company will assist Guinea Bissau in procuring water for cattle troughs thanks to its expertise in this sector.

KBL is one of the main Indian conglomerates in the production of hydraulic pumps. The group which exports its products to 70 countries throughout the world is committed to injecting a further US$30 million in Guinea Bissau if the project is successful, reports Macauhub.