(Ecofin Agency) - Norwegian Investment Fund for developing countries (Norfund) and private equity fund Zebu Investment Partners jointly invested in Terramar, a Mozambican company engaged in the importation and distribution of frozen foods and consumer products.
Norfund took a $6 million stake but Zebu committed $12 million through its second Africa Food Security Fund, which targets SMEs in the agriculture and food value chain in sub-Saharan Africa.
"We believe that Terramar can be an important catalyst for the development of the necessary value chains, therefore making new investments in the sector more viable [...] Terramar has one of the largest cold storage capacities in Mozambique," commented Simbah Mutasa, Norfund's regional director for Southern Africa.
This investment is the first made by Norfund and Zebu Investment Partners in the Mozambican frozen food and consumer goods industry. Nevertheless, Norfund is very committed in Africa, with investments in several sectors in Mozambique. For Zebu Investment Partners, this deal is its seventh through the Africa Food Security fund.
Terramar controls 60% of the local frozen food and consumer products market. Its goal with this fundraising is to expand further in the domestic market, targeting underserved areas. It also plans to develop local and regional supply chains.
According to data provided by the Norwegian fund, in 2020, the Mozambican food and beverage market was $1.4 billion. It is expected to grow to $2.4 billion by 2025.
Chamberline MOKO
The African Development Bank has approved a $304 million loan to Botswana to support the southe...
BRVM and Africa50 signed a deal to create new infrastructure financing tools The plan inclu...
The Economic Community of West African States (ECOWAS) parliamentarians met in Lomé from May 6 to 9,...
Nigeria’s audit industry grew 65% in 2024, reaching 28.2 billion naira ($14.4 million). KPMG, EY,...
Africa’s digital economy is growing rapidly, and the demand for data storage, processing power, and ...
• Chad is home to one of the world’s largest shea tree reserves, with up to 82 million trees.• The country could produce up to 800,000 tons of shea nuts...
• The ICJ granted Equatorial Guinea sovereignty over three disputed islands in the Gulf of Guinea.• The ruling opens access to potentially oil-rich waters...
• Jean Bamanisa says Kinshasa needs 3,500 km of roads rebuilt at a cost of over $10 billion.• He warns that without urgent investment, the city...
• Uganda’s telecom industry has launched a joint anti-vandalism initiative led by UCC.• Over 820 cable vandalism incidents and widespread service...
Marojejy National Park, located in northeastern Madagascar, is one of the island’s most pristine and spectacular natural treasures. Nestled in the Sava...
Located about 3 km (1.8 miles) off the coast of Dakar, Senegal’s capital, Gorée Island is one of the most emblematic historical sites in West Africa....