Norfund dishes up funding for Verde Beef Processing

Verde Beef Processing has received $7.4m investment to construct abattoir.

Norfund, the private equity arm of the Norwegian Ministry of Foreign Affairs, has invested $7.4m in Ethiopia-based cattle processor Verde Beef Processing (VBP).

VBP was founded in 2014 by venture firm Verdant Frontiers to produce corn-fed beef for export.

The investment will enable the construction of an abattoir and meat processing facility and provide working capital for the business. VBP aims to become the largest cattle processing operation in Eastern Africa.

VBP previously raised an undisclosed sum from private equity firm 8 Miles in 2015.

Kjell Roland, managing director of Norfund, said: “This is our first direct investment in Ethiopia, and Norfund is delighted to contribute to Ethiopia’s growth and export through Verde Beef.

”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.”

See more from this Government Report: Norway

Back

Copyright Mawsonia Limited 2010. Please don't cut articles from www.globalgovernmentventuring.com or the PDF and redistribute by email or post to the web without written permission.

Most read

  1. Europe ‘guarantees’ research and innovation budget

    November 28, 2017

  2. Spire enters $70m series C orbit

    November 16, 2017

  3. Definvest targets startups with $59m

    November 21, 2017

  4. Nautilus sails to $26m series C

    November 22, 2017

  5. Codiak develops $76.5m series C

    November 30, 2017