Norfund's investee, African Century Foods (ACF), and Nutreco’s subsidiary Skretting Zambia have entered into a joint venture for the production, sale and distribution of tilapia feed. The joint venture will construct and operate the first dedicated aquaculture feed plant in Zambia.
African Century Foods (ACF) is Sub Sahara Africa’s largest aquaculture producer with tilapia farms in Zimbabwe, Zambia and Uganda. . Its supply of affordable, high quality fresh protein is important in countries facing challenges related to the availability and affordability of food supplies. Norfund invested in ACF in 2013 and is a 30% shareholder in the company. . Sustainable agri- and aquaculture in East and Southern Africa is among Norfund's strategic focus areas.
Aquaculture in Zambia is escalating at a rapid pace to reduce the dependency on imports and in order to develop a sustainable domestic fish farming industry . L ack of reliable high quality fish feed is one bottleneck for further development of the regional Zambian aquaculture sector, which primarily consists of tilapia farming.
Nutreco is a global leader in animal nutrition and aquaculture feed. The new “Skretting Zambia” plant will have an initial capacity of 25,000 tons/year of fish feed. The plant will be located at Siavonga, Lake Kariba, which is close to the major fish farms in Zambia and Zimbabwe. A significant part of the production capacity will be used to supply ACF, while also providing access to high quality fish feed to other industrial scale and smallholder fish farms throughout the region.
Norfund, through its two nominated board directors in ACF, Cato Lyngøy and Øystein M. Falch, has been instrumental towards securing the joint venture with Skretting and securing this important agreement between ACF and Nutreco.
See full press release here.