Velocity

pending

The proposed investment consists of investment of up to €8 million to Velocity Dairy Plc (“VD”) through Velocity Africa Holding B.V. in support of its investment in a greenfield dairy operation in Ethiopia. VD was established in 2010 by Velocity Africa Holding BV to carry out this investment.The proposed investment will finance the construction of a modern dairy processing plant with a daily capacity of up to 70,000 liters, related infrastructure work, and the procurement of factory machinery and equipment. VD intends to produce dairy products and fruit juices to be marketed primarily in the local market.The proposed financing package will be supported by the Private Sector Window of the Global Agriculture and Food Security Program (“GAFSP”). GAFSP funding plays a catalytic role to create opportunity to support innovative private sector investments and deliver a level of additionality and impact beyond what is possible through IFC’s regular operations.