A development fund headquartered in France will invest 50 million euros (67.3 million U.S. dollars) in the production of ethanol in Brazil's state of Rio de Janeiro, the state's government announced on Wednesday.

State Secretary of Agriculture, Supply and Fishing Christino Aureo said the investment will be used in cultivating sugarcane plantations and in building ethanol plants.

The municipalities of Quissama and Macae are strong candidates to host the units, added the Secretary.

According to Aureo, Rio's Governor Sergio Cabral had a meeting with representatives of the Fund for Sustainable Development Projects in Portugal on Wednesday afternoon.

He said the French group would send its first delegation to Rio on July 20 to visit production sites in the northern region of the state.

Aureo also said the state government has been working hard to draw the attention of foreign investors, aiming to strengthen the local economy and create job opportunities.

Source: Xinhua