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Norfund invests in aquaculture in Zimbabwe

ACF is a Pan­-African producer and distributor of freshwater fish (tilapia) and poultry. It is a leading African tilapia producer  annually supplying close to 10.000 tons. The investment will strengthen and expand existing tilapia operations in Zimbabwe and fund major expansions in Zambia and Uganda (tilapia) and Mozambique (poultry).

The investment is highly additional with significant developmental impact. The operations produce affordable high quality protein in countries which have challenges in food availability and affordability. The business distributes to the local and regional market, specifically targeting the bottom of the pyramid segment.

ACF also provides quality jobs, currently employing 1150 in its regional operations. The expansion will create 1000 additional jobs in the regions that ACF operates. Moreover hundreds of entrepreneurial jobs have, and will continue to be created in the form of traders, mostly women, who buy ACF fish that is locally supplied through distribution centres in Zambia and Zimbabwe.

With an increasing demand for quality fish product, aquaculture is the sustainable response to increased overfishing globally as well as locally in lakes in Zambia, Uganda and Zimbabwe, and fish farming reduces the pressure on wild fish stocks.

Norfund is delighted to partner with ACF in this business and the managing director of Norfund Mr Kjell Roland says that: “ACF is a typical example of the type of investments Norfund wants to make. The expansion of the operations will not only serve to provide affordable, high quality fish and chicken into the region, it will also create numerous direct and indirect local jobs. This investment also reaffirms our belief in Mozambique, where the poultry operations are located”.

The Chief Executive of ACF Mr Henry Pitman says that “We are very pleased that Norfund has become our partner in ACF.  We will benefit from Norfund’s deep knowledge of the region as well as from Norway’s leading expertise of global aquaculture, including feed production and genetics.  Norfund’s investment will help us to substantially expand our operations, strengthening our position as the leading aquaculture business in Africa”