WASHINGTON, D.C., U.S. — IFC, a member of the World Bank Group, on June 19 announced the financing of Agrivision Africa to help the company expand its grain production to become a market leader in Zambia, and eventually outside its home market. Agrivision is an investee company of the Johannesburg Stock Exchange-listed agribusiness group Zeder Investments.
IFC will provide a $20 million equity investment in Agrivision to support its $30 million expansion program. The IFC investment supports modernization of existing grain production operations, contributing to increased food security by helping expand the agricultural and food processing industry in Zambia.
In addition to showcasing modern, efficient agricultural in a country with plentiful resources for food production, the project is expected to create jobs, contribute to the smaller businesses in the local economy, and apply IFC's high environmental and social standards.
“With the financial support and agribusiness sector knowledge IFC brings, Agrivision will expand to become a leader in its market and demonstrate the opportunities in Zambia's agricultural sector,” said Norman Celliers, chief executive officer of Zeder.
Agrivision Africa, formerly named Chayton Africa, focuses on large-scale commercial farming of wheat, soybeans and maize (corn) as well as milling in Zambia. It produces 20,000 tonnes of maize, 12,000 tonnes of soybeans, and 30,000 tonnes of wheat per year. It also has a mill that processes annually 40,000 tonnes of maize and 20,000 tonnes of wheat. Agrivision owns 18,000 hectares of land of which 5,568 hectares is suitable for grain cultivation and 4,368 hectares is irrigated land.