IFC and Zambeef Products PLC, one of the region’s leading agribusiness companies, are joining forces to boost food security and strengthen Zambia’s agricultural sector to create jobs and help fight poverty.
IFC will invest lend up to K570 million (US$35 million) in to Zambeef to support the company’s three-year plan to expand its food production and processing capacities, and enable it to source more key inputs, such as wheat, dairy, and animal feed ingredients from local suppliers. Zambeef will use the funds to upgrade its feed mill, animal housing, purchase new equipment and develop 1,000 hectares of irrigation land, among other activities.
The project is expected to improve Zambeef’s value chain, which will result in the creation of almost 1,400 new jobs, expand the tax revenue and support small-scale farmers and small and medium-sized businesses. It will also increase access to high quality and affordable protein foods.
“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 produce. This latest support from IFC is part of our $100 million investment strategy to expand that even further,” said Faith Mukutu, Chief Executive Officer, Zambeef Products PLC.
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