Zambeef III ZMW

active

 The proposed IFC loan of up to US$35 million (in local currency equivalent) is to support Zambeef’s expansion plans, including the upgrade of  the slaughter house and  processing plant at Huntley  environmentally controlled chicken housing at Huntley,  milling in Mpongwe, cold chain refrigeration, a cheese plant at Huntley, pivot irrigation system in Mpongwe farm (1,000 ha), additional retail outlets and procurement of combine harvesters, milk homogenizers, tractors, trucks, and vehicles (the “Project”). Zambeef Products PLC https://zambeefplc.com/ (“Zambeef” or the “Company”) is one of the largest agri-business companies in Zambia involved in the production, processing, distribution and retailing of beef, chicken and eggs, pork, dairy products, livestock feed (corn), and flour milling. The company, which continues to grow through organic expansion, was listed on the Alternative Investment Market of the London Stock Exchange (LSE) in June 2011 and of the Lusaka Stock Exchange since February 2003. Zambeef’s operations include: (i) Farming Division in Huntley, Chiawa and Mpongwe farms; (ii) Meat and Dairy Division – beef feedlots and abattoirs in Huntley; chicken broilers, chicken layers and slaughterhouses in Mpongwe; dairy farm in Kulundu, (iii) Manufacturing/Processing Division which includes Novatek stock-feed plant, leather and shoe plant, flour mill and bakery, meat and dairy processing plants; (iv) Retail Division which includes Zambeef outlets, Shoprite butcheries, wholesale depots, and transport & distribution. Zambeef is a repeat client of IFC. IFC provided US$10 million loan in 2010 (https://disclosures.ifc.org/project-detail/ESRS/29013/zambeef-products-plc) and US$30 million loan in 2012 (https://disclosures.ifc.org/project-detail/ESRS/31091/zambeef-expn). In 2016, DEG, CDC and IFC agreed upon a consolidated E&S Action Plan (ESAP) which is in process of being implemented. Zambeef’s current E&S performance is considered satisfactory.