Associated Foods Zimbabwe (Pvt) Ltd

  • Active: Active
  • Region: Africa
  • Country: Zimbabwe
  • Sector: Manufacturing
  • Year: 2016
  • Domicile: Zimbabwe
  • Instrument: Loan
  • Commitment (MNOK) as of 30.06.2019: 17.0
  • Original Commitment (MNOK): 16.4

Associated Foods Zimbabwe (AFZ) was established on 1 January 2016 as a result of a merger between Zimbabwe’s leading producer of jams, Honeywood Enterprises Ltd, and  Zimbabwe’s leading producer of peanut butter, Spread Valley Ltd. 

Norfund has committed to a USD 2.0 mill secured and convertible loan to AFZ to facilitate the purchasing of the jam manufacturing plant in Mutare and to move the existing peanut butter plant from Harare to Mutare. The jam and peanut butterproduction will then become more efficient as they are operated from the same place.

This investment will amongst others contribute to supporting the local food processing sector in Zimbabwe and replace imports with local produce. One of the strategies of doing so is by expanding on AFZ’s local raw material sourcing via out-grower schemes. This will result in increased employment throughout the agribusiness value chain in Zimbabwe - from small holder farmers to the consumer.

Norfund - The Norwegian Investment Fund for Developing Countries

Fridtjof Nansens Plass 4
N-0160 Oslo

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