The Norwegian Investment Fund for Developing Countries (Norfund) has announced an investment of $7.4 million in Verde Beef Processing PLC, an Ethiopian beef producer.
The capital provided by Norfund will help VBP become the largest cattle processing operation in Eastern Africa by enabling the construction of a state of the art abattoir and meat processing facility – currently underway – and also fund working capital for the business. Norfund will work alongside 8 Miles – a UK based pan-African private equity fund – who made an initial investment into VBP in November 2015.
Verde Beef Processing PLC (VBP) is an integrated beef producer that undertakes feed production and feedlotting activities. The company produces premium beef and aims to become the largest cattle processing operation in Eastern Africa with a target output of more than 130,000 carcasses per year.
VBP has a significant cost advantage over its international competition, and is expanding its feedlot operation in Ethiopia to capitalize on this; producing high-quality beef for export and local markets.
Ethiopia’s geographical positioning combined with its livestock population, the largest in Africa and the fifth largest in the world, position the country perfectly as a potential provider of meat to the rapidly expanding markets of the Middle East and Northern Africa (MENA).
The beef farm is located in the Adami Tulu district of the Oromia regional state, Ziway Ethiopia, close to the new railway line to Djibouti. The company is part of the agricultural transformation in Ethiopia, and has been instrumental in the development of the surrounding community through purchase of bull calves and inputs for feed.
The company has todate created over 400 jobs directly on the farm with the upgraded skills needed for competing in the global beef market. In addition, more than 3500 jobs have been created indirectly through local sourcing of calves and feed inputs.
As the company expands, these numbers will grow, and is anticipated to reach 2000 employees and supporting over 50,000 livelihoods when the company reaches full operation. VBP also supports the Ethiopian economy by creating a premium product with local resources, which is then exported, generating much needed foreign currency.
Commenting on the announcement, Scott Friesen, Chairman and Co-founder of Verde Beef Processing PLC said: “We’re excited about the partnership with Norfund which will enable us to provide incomes to thousands more families annually, generate USD 18 million of revenues in 2018, reach an export value of USD 100 million annually by 2021, and further develop the important meat sector in Ethiopia. Verde Beef is a critical project that is aligned with the Ethiopian government’s focus on job creation, increasing exports and introducing improvements to the agricultural sector.”
Managing Director of Norfund Mr. Kjell Roland added: “This is our first direct investment in Ethiopia, and Norfund is delighted to contribute to Ethiopia’s growth and export through Verde Beef” adding that “this investment is focused on employment creation and export and fits very well with our strategy to contribute to sustainable enterprises and economic development in Africa.”
Ethiopia is the second largest country in Africa in terms of population. Although the country has undergone significant economic and social changes and has recorded some of the highest growth rates in the world in recent years, Ethiopia still ranks 173rd out of 186 countries on the United Nations Development Programmes Human Development Index.
A delegation of professionals from the University of Applied Sciences of Norway visited the University of Medical Sciences of Havana (UCMH) in order to develop research and joint academic cooperation, especially in Masters and PhDs.
A Norwegian national has been caught stealing the mobile phone of a Saudi Arabian national at national flag carrier Garuda Indonesia’s Business Lounge in Terminal 2 of International Airport Soekarno-Hatta.
Petrochemical Research and Technology Company (PRTC) of Iran signed an agreement on development of polypropylene technology and the relevant catalyst with Norwegian Company of Norner.
An explosion just a few feet away rocks the unmarked station wagon as it travels along a dirt road in the Norwegian woodland.
Work is about to start on £1.5 million of flood defences to replace a century-old structure on the North Promenade in Cleethorpes.
The Norwegian company Scatec Solar will push $500 million worth of new investments into the Egyptian market in October, according to a statement issued by the International Cooperation Ministry after minister Sahar Nasr met with Morten Langsholdt, the regional director of the company, on Tuesday to discuss the company’s plan for increasing investments in Egypt.
The Swedish and Norwegian governments have come to an agreement allowing the former to extend its renewable energy target to 18TWh by 2030.
A female Pakistani immigration officer of the Federal Investigation Agency (FIA) was caught on camera torturing a Norwegian lady over a petty issue at the Benazir Bhutto International Airport on Saturday morning.
A man linked with Pakistan Inter-Services Intelligence (ISI) arrested for selling child pornography Sex to Norway and Sweden. The case was revealed with the help of Norwegian embassy in the country.
Sweden could follow Norway’s lead and make it a criminal offence to participate in a terrorist organisation. It is currently not illegal to simply be part of such an organisation.
The Parliamentary Secretary for EU Funds Ian Borg has announced that the government has issued a call for a Norwegian Fund Operator.
WASHINGTON — Next week, House Speaker Paul Ryan (R-WI) will lead a bipartisan delegation traveling to key European ally nations, with the goal of strengthening economic and security ties with our NATO partners. In the United Kingdom, Norway, Poland, and Estonia, the delegation will meet with government officials and military leaders to review and discuss evolving security threats facing Europe as well as opportunities for greater economic cooperation.
Rolls-Royce has signed a deal with Norwegian shipbuilder Kleven to supply its innovative automatic crossing system, for two new double-ended plug-in battery-hybrid ferries being built for Norwegian ferry company FosenNamsos Sjø.
The European Investment Bank (EIB) is lending
A new study shows that there were more surgical errors in Norwegian hospitals than in Swedish ones in 2013. Ninety of the Swedish and Norwegian patients whose journals were used in the study died from what are categorised as “adverse events”.
NCRI – A conference was held in Norway titled, “Islamic Fundamentalism: What is the solution?” in which Norwegian MPs from various parties, representatives of different embassies, including the Dutch Ambassador in Norway, and a number of Iranian Resistance supporters took part.
Boeing expects to shave $2 to $3 million off each
Deep in the bowels of an icy mountain on an island above the Arctic Circle between Norway and the North Pole lies a resource of vital importance for the future of humankind. It’s not coal, oil or precious minerals, but seeds.
Recycling technology provider TOMRA celebrates its 45th anniversary. Since its launch on April 1, 1972, TOMRA has developed from a pioneer in automated recycling technology to a multi million Euro turnover company today offering a wide range of sensor based solutions.
One of the sucky legacies of 2016 is the surge of fake news. Donald Trump rode a wave of misinformation to the White House and British voters shot themselves in the foot after listening to the
Norway has arrested a ship which had to be rescued as it fled to a notorious South Asian recycling yard following a tip off that it had been sold illegally.