LYAMUNGO Agricultural and Marketing Cooperative Society (AMCOS) earned a total of 1.0964bn/- from 1998 to 2021.
This amount was realised after the society had rented its 784-hectare farm to two investors, African Plantation Kilimanjaro Limited (APKL) and APC Mufindi and Company.
The chairman of the Board of Directors of Lyamungo AMCOS, Mr Gabriel Ulomi disclosed this when addressing members of the board of the three villages of Lyamungo Kati, Lyamungo Kilanya and Lyamungo Sinde in a short meeting held at Lyamungo last Saturday.
Mr Ulomi said the total amount was derived through having two contractual rental agreements with the said investors.
The first agreement which started in 1998 expired in 2018 whereby the society was paid a USD 30,000 (39m/-) while in the second agreement which started in 2018 and expires in 2038, a total of USD 50,000 ( 71.5m/-) will be paid annually.
The investors have planted new varieties of Arabica coffee which give higher yields per unit area.
The investors have also drilled water wells for irrigation and installed Coffee Pulpery Units (CPUs). The money accrued from investor, according to Ulomi, has been spent in development projects on social, economic and health sectors.
A total of 29.487m/- were spent in payment of salaries, allowances and benefits to workers and 316.136 m/- spent in funding the construction of Lyasikika Secondary School.