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The loan is intended to help the company, whose operations are mainly based in Kariba, to increase production levels.
It will mainly fund Lake Harvest’s tilapia farming and processing, which is expected to shoot up from 2 500 tonnes per year to around 20 000 tonnes by 2015.
The AfDB said Lake Harvest’s project would become “the largest integrated tilapia farm in Sub-Saharan Africa and the best run agriculture operation in Africa”.
“With Europe absorbing 13 percent of the output, and with some 50 percent exported to Southern Africa, the project brings several strategic and cost-competitive outcomes: economic growth, regional integration, international trade and better food security in Zimbabwe and neighbouring countries,” the bank said in a statement. A fishing industry official, Mr Tongowona Garikaimose, said the AfDB funding was timely, and would push up the country’s fish production levels. “Investment has been lacking in the industry, we appreciate any financing targeting aquaculture. “As Aquaculture Zimbabwe, we expect the contribution towards the country’s Gross Domestic Product to become significant,” he said.
Lake Harvest, which has about 1 000 employees, was expected to employ more people.
The company is targeting African markets, with the local market expected to absorb 37 percent of production. – New Ziana.
Online Reporter