The Multilateral Investment Guarantee Agency (MIGA) of the World Bank has issued a US$3.6m guarantee to the Industrial Development Corporation of South Africa Limited (IDC), of South Africa, to cover its US$4m equity investment in Zambia’s Agriflora, the second largest food production company in the country.
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The ten-year deal covers the South African firm for risks such as the Zambian government restricting any sales of Agriflora assets, expropriation, war and civil disturbance.
Employing more than 5,000 people, the Zambian operation’s core businesses are the production and sale (especially for export) of specialty vegetables and flowers. The investment will fund crop protection shelters and the upgrading of irrigation equipment and packing facilities.
