African Development Bank Backs Zambeef's $100 Million Expansion to Strengthen Zambia's Food Security and Economy

In a major boost to Zambia’s agricultural sector, the African Development Bank Group has approved a Zambian Kwacha-denominated Risk Sharing Credit Guarantee worth $32 million to support Zambeef Products Plc's ambitious $100 million expansion program. The funding aims to significantly strengthen Zambia’s food security, enhance economic growth, and create thousands of job opportunities across the country and the wider Southern Africa region.

Zambeef, a leader in Southern Africa’s food industry, operates a fully integrated cold-chain value system, covering everything from crop production and animal feed to grain processing, meat processing, and retail. With 236 retail outlets and a contribution of approximately 1% to Zambia’s GDP, Zambeef stands as one of the largest private sector employers in the country.

The expansion program, launched in 2023, focuses on doubling Zambeef’s production capacity and improving efficiency across its operations. Through this strategic investment, Zambeef plans to optimize its existing assets, expand its market reach, and strengthen the entire agricultural value chain.

According to Raubil Durowoju, African Development Bank’s Country Manager for Zambia, "This intervention reaffirms our solidarity with the Government of Zambia to deepen private sector participation in the agricultural value chain — particularly in ways that create jobs for women and youth. This innovative local currency guarantee financing will also enhance stability in the domestic financial market."

The financing structure is innovative: the African Development Bank Group assumes the credit risk, while Stanbic Bank Zambia provides liquidity through a $25 million loan and an additional $7 million allocation to cover interest and related liabilities.

The impact of the program is expected to be substantial:

Creation of approximately 1,398 direct jobs.

Up to 243,000 indirect employment opportunities through broader value chain activities.

Empowerment of over 86,000 local farmers, outgrowers, and small businesses with improved access to markets.

Strengthening of domestic and regional food supply chains.

This expansion initiative is aligned with major development plans, including Zambia’s Eighth National Development Plan (2022–2026), the African Development Bank's Country Strategy Paper for Zambia (2024–2029), and the Bank’s Ten-Year Strategy (2024–2033), particularly its flagship goals of "Feed Africa" and "Industrialize Africa."

With high ambitions and strong institutional backing, Zambeef’s expansion promises not only to uplift the company but also to drive Zambia’s journey toward greater food self-sufficiency, industrial growth, and inclusive economic development.In a major boost to Zambia’s agricultural sector, the African Development Bank Group has approved a Zambian Kwacha-denominated Risk Sharing Credit Guarantee worth $32 million to support Zambeef Products Plc's ambitious $100 million expansion program. The funding aims to significantly strengthen Zambia’s food security, enhance economic growth, and create thousands of job opportunities across the country and the wider Southern Africa region.