Olivine Industries Secures A US$8.25 Million Loan From AfDB

Olivine Industries have reportedly secured a loan from the African Development Bank, The Herald reports. According to AfDB, the loan will enable the manufacturing giant to set up new processing plants for margarine and tomato sauce at their factory. Said AfDB in a statement:

The board of directors of the African Development Bank Group has approved a US$8,25 million corporate loan to Olivine Industries Limited to support the company’s food production expansion plan in Zimbabwe.

The bank’s loan, approved on Wednesday, will enable the company to construct new processing plants for margarine and tomato sauce and install upgraded machinery with advanced technologies. Olivine plans to increase its domestic and regional production capacity and food supply.

However, Olivine Industries holdings company CEO Sylvester Mangani said they are yet to receive a confirmation letter from the bank.

More: The Herald