Verde Beef Processing PLC, an Ethiopian beef producer, received a $7.4m investment from The Norwegian Investment Fund for Developing Countries.
The capital provided by will enable the construction of an abattoir and meat processing facility – currently underway – and 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.
Established in 2014 by Verdant Frontiers and Scott Friesen, Chairman, Verde Beef Processing is an integrated beef producer that undertakes feed production and feedlotting activities. 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.