Zambeef gets $25m
A German financing company DEG has given Zambeef group of companies a $25 million loan for its expansion project.The loan to be paid over a period of 8 years will go towards financing Zambeef's expansion programme in the irrigation sector.
DEG Board member, Michael Bornmann said his company has decided to support Zambeef because the firm has demonstrated potential to becoming the biggest food producer in the country and the region.
Dr. Bornmann said his organization is committed to help Zambia improve its agriculture sector and thereby increase basic food suppliers countrywide.
Dr. Bornmann was speaking at the signing of the loan agreement, Tuesday.
And Zambeef Executive Director for Operations, Nick Wilkinson said once completed the irrigation project will help the company produce 60-thousand tonnes of vegetable oils for the country.
