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IFC recapitalizes Zambeef’s growth
| The International Finance Corporation (IFC), a member of the World Bank Group, at a media briefing announced an investment of $30 million to support Zambeef Products Plc’s expansion in Africa. This is IFC’s second loan to Zambeef following its initial investment of K10 million in 2010. Over the past two years the IFC has lent US$40 million to Zambia, which is equivalent to the sum total lent to Zambeef Products Plc by the IFC, an indication of the company’s exponential growth in Nigeria and Ghana. The current investment by IFC to Zambeef aims to increase production and processing capacity, add new retail outlets and improve efficiency. IFC director - Eastern and Southern Africa, Jean Philippe Prosper said, ‘IFC’s long-standing partnership with Zambeef will help in expansion of an Africa company, improve food production and contribute to food security in the region. The new investment should create employment opportunities, provide affordable food to consumers, and also benefit Zambeef’s employees (approximately 5,500), local suppliers and distributors. IFC’s investment in Zambeef reflects the organizations commitment towards supporting viable local companies that will help develop Africa’s agribusiness value chain.’ In May, IFC vice-president and general counsel Rachel Robbins on a trip to Zambia said the IFC would assist government diversify the economy which was too dependent on copper. The IFC is interested in investing in small and medium enterprises (SMEs) by offering financing and advisory services. Among the sectors of interest for IFC financing are infrastructure development and telecoms. Its second strategic pillar is agro-business for diversifying the economy with health and education its third pillar of investment. | |
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