IFC provides $30m for Zambeef expansion
June 8th, 2012
ZAMBEEF board chairman Dr Jacob Mwanza speaking to the press before the signing ceremony at Inter-Continental Hotel in Lusaka, looking on is World Bank country representative Kundhavi Kadiresani (middle) and International Finance Co-operation ( IFC) Head Agri-Business- Africa, Aida der Hovanessian (right).- Picture by CHANDA MWENYA.
INTERNATIONAL Finance Corporation (IFC) has injected about US$30million into Zambeef Products for the expansion of the Agro-business firm in Africa.
This is the second investment by IFC following the injection of about US$10million in the expansion of Zambeef Zambia and its subsidiary in Nigeria in 2010.
Speaking at the signing ceremony in Lusaka yesterday, World Bank country manager Kundavi Kadiresan says the World Bank will continue to support the advancement of agriculture and agro-business in the country adding that the bank recently concluded a US$50million loan with Government aimed at strengthening the livestock sector.
The project is expected to benefit 400 small-scale livestock farmers across the country.
“Industries like Zambeef can not do well if we do not improve the livestock sector, so we are assisting in the improvement of Government’s capacity so that the country can have quality livestock for the local market and export,” she said.
Ms Kadiresan said achievements scored by Zambeef over the years demonstrate the potential agribusiness has in economic development.
“Companies like Zambeef started as small beef companies but have diversified in a number of agricultural sectors. this is a good testimony of how agri-business can make a big difference in a country like Zambia which has good climate, land and livestock ”, she said.
Ms Kadiresan also called for more players in agri-business as the sector, if fully exploited, can create jobs, and alleviate poverty.
At the same occasion, Zambeef chairman Jacob Mwanza said the investment by the bank’s finance wing, IFC, will support Zambeef’ s plan to increase its production and processing capacity.
Dr Mwanza said Zambeef wants to develop an integrated agro-business so that it can contribute to job creation and poverty reduction in line with Government’s policy.
He, however, said lack of medium to long-term finance remains a challenge in Zambia adding that efforts by the World Bank are contributing to the firm’s growth.
Dr Mwanza said Zambeef will continue to be the market leader in agro-business through expansion projects.
He also said the group has this year produced about 40,000 tonnes of soya beans which is 20 percent of the country’s total production and expects to produce 48,000tonnes of wheat.
By KALONDE NYATI
Source: Zambia Daily Mail
