The rundown Ilimo Farm outside Port Moresby will be redeveloped into a dairy farm at a cost of K90 million. It will house 500 cows.
The farm is located on Sogeri road in the Kairuku-Hiri electorate of Central Province.
The signing of the agreement was done this morning in Port Moresby by the developer, Innovative Agro Industry, the National Government and Central Provincial Government.
IAI chairman Ilan Weiss said the development of the project will start in the coming 60-90 days and in the next 12-18 months, the farm will supply the Port Moresby market.