The African Development Bank approved a $32 million for Zambeef’s expansion project to Zambia’s sector.

The guarantee helps Zambeef get a loan of $25 million from Stanbic Bank Zambia, plus an extra $7 million for interest and other costs.

This way of financing shows how local money can be used creatively, with the African Development Bank Group taking on the credit risk and Stanbic Bank giving the funds.

The five-year plan that started in 2023 is expected to create about 1,398 direct jobs and around 243,000 indirect jobs. It will also help over 86,000 local farmers, outgrowers, and small businesses by making it easier for them to reach local and regional markets.

This project fits well with 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), especially the goals of ‘Feed Africa’ and ‘Industrialize Africa.’