US $2 million for Zimbabwe’s leading peanut butter producer
- Aug 11, 2016
- 1 min read
The Norwegian Investment Fund for Developing Countries, as well as canned tomatoes and fruits Associated Foods Zimbabwe Ltd (AFZ),. In addition to part-financing this merger, Norfund’s investment will contribute towards capital expenditure, including a new state-of-the-art peanut butter production line, and working capital. Norfund’s investment will also contribute to supporting the local food processing sector. “By combining the manufacturing strength of Honeywood Enterprises with the sales, marketing and distribution strength of Spread Valley, we aim to create the economies of scale and synergies in order to generate significant added value and efficiencies for all stakeholders, including customers. “We are pleased to have found in Norfunda first-class partner with a deep understanding of the food and agri-business sector, strong track record and a well-rounded international network,” said Simba Nyabadza, AFZ Director and majority shareholder. “This investment is in-line with Norfund’s strategy to support profitable and sustainable, local enterprises in developing countries. “Agriculture is a priority sector for Norfund, as it employs approximately half of Africa’s workforce and plays an important role for economic growth and development.
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