Norfund dishes up funding for Verde Beef Processing
Posted on 04 April, 2017 by Chris Winters, reporter
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
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