IFC to invest 35 mln USD in Zambia's largest agri-business firm

  • World
  • Thursday, 21 Jul 2022

LUSAKA, July 20 (Xinhua) -- The International Finance Corporation (IFC), a financing arm of the World Bank, will invest 35 million U.S. dollars for boosting food production and processing capacities in Zambeef Products Plc, Zambia's largest agribusiness firm.

The investment will also enable the firm to source more key input such as wheat, dairy and animal feed ingredients from local suppliers, according to an emailed statement released dated July 19, 2022.

The statement added that the investment was expected to improve the firm's value chain, which will result in the creation of about 1,400 new jobs, expand tax revenue and support small-scale farmers and small and medium-sized businesses.

"Throughout its history Zambeef has grown with the Zambian people, providing jobs, livelihoods and world-class shopping for our customers by adding value to local products," Faith Mukutu, the firm's chief executive officer said in the statement.

She noted that the latest support from IFC was part of the firm's 100 million dollars investment strategy to expand its production.

Carlos Katsuya, IFC's Senior Country Manager for Zambia said the investment will help the firm continue to develop and diversify as well as contribute to climate mitigation by supporting efforts to improve energy and fuel efficiency.

According to him, the IFC will provide advisory services to help Zambeef set up a comprehensive carbon assessment planning system that will create longer-term climate-smart initiatives to combat climate change.

The move, he said, will help reduce more than 14,000 tons of greenhouse gas every year.

According to the statement, Zambeef is the largest integrated coal chain food products and agribusiness company in Zambia and one of the largest in the southern African region.

It is listed on the local bourse and the AMI market of the London Stock Exchange.

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