Zambeef is a publicly listed company on Lusaka Stock Exchange in Zambia with a current market capitalization of US$140 million. The shareholders include local and international fund managers, pension funds and individuals including the founders, Carl Irwin and Francis Grogan, who collectively hold 3.2%.

The proposed IFC investment is a US$30 million A Loan to support the Company’s US$52m capital expenditure program.

40.0 million (USD)

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	30.0
Equity	10.0

* These investment figures are indicative

Zambeef has various farms and properties in Zambia from where it operates its cropping, animal husbandry, processing and retailing. The proposed projects will be based on its owned facilities in Zambia.

The project''s expected development impact includes: (i) Development of a sustainable and reliable food supply chain; (ii) Facilitate the growth of a successful regional integrated agribusiness player; (iii) Better capacity utilization of industrial facilities by relieving constraints on the supply of soya and wheat at the Company''s plants; (iv) Intensification of crop production due to additional irrigation; (v) Increased employment opportunities across the group

IFC Additionality in the Project includes: (i) Long-term funding to ensure realization of full efficiencies from recent acquisition; (ii) Long-term partner for the Company providing political risk mitigation as it rolls out its regional growth plans; (iii) Ensuring the Company adheres to best environmental, safety and social standards including working towards international food certification like ISO22000

The project has been categorized as a Category B according to IFC’s Environmental and Social Sustainability Policy because the Project is a follow-on investment for an existing IFC client who is fully committed to successfully complete the implementation of its ESAP requirements for the initial investment, thereby achieving compliance with national legal and regulatory requirements as well as with the IFC’s Performance Standards. IFC is satisfied that Zambeef continues to make good progress in implementing the agreed upon ESAP. Zambeef has since established a fully functional Environmental, Food Safety and Technical Services department. This department is responsible for the implementation of the ESAP. There is a high level corporate commitment and resourcing with most (approximately 75%) of the combined DEG and IFC ESAP items completed. The next phase of Zambeef’s full compliance with international and national requirements is the actual implementation of international standards as regards to Food Safety, especially ISO 22000 Food Safety Management System (FSMS). The Company is currently concluding discussion with an identified Development Finance Institution (DFI) for Technical Assistance to part fund this phase which is expected to be complete by December 2014.