ADB in talks with PRASAD seeds company of India

ADB in talks with PRASAD seeds company of India

ADB in talks with PRASAD seeds company of India

Africa Development Bank (ADB) says it stands ready to support private sector driven initiatives that would result in industrializing the agriculture sector in Zambia.

ADB Country Manager Mary Monyau says ADB remains a key partner of the Zambian Government particularly in the diversification of the economy from copper dependency to agriculture.

Ms Monyau says the idea by PRASAD Seeds Company of India that wants to set up a multi-million dollar seed processing facility in Zambia falls in the ADB’s Feed Africa Strategy.

She says ADB is happy that the company is engaging the institution in discussions regarding a possible synergy with the out grower scheme which is already financed by ADB.

The ADB Country Manager said this in Lusaka when Zambia’s High Commissioner to India Judith Kapijimpanga presented Prasad Seeds Company of India that wants to set up a multi-million dollar seed processing facility in Zambia.

Ms Monyau says ADB working with the Zambian Government is almost complete in preparing 3 thousand hectares of land in Central, Lusaka and Southern Provinces under Agriculture Production and Market Enhancement Project to support irrigation throughout the year.

She says ADB has funded the acquisition of all basic agricultural equipment to promote the value chain in the agriculture sector in Zambia.

And PRASAD Seeds General Manager for Africa Sreekumar Nair says his company which provides 70 percent of India’s seed requirements is happy that ADB can open up for discussions on possible financing agreement towards setting up seed processing factories in Zambia.

He says PRASAD stands ready to work with ADB in it’s out grower scheme which resonates with his company’s agenda.

And Zambia’s High Commissioner to India Judith Kapijimpanga says the mission in India is happy with Prasad seed company’s determination to set up in Zambia,  as it has 32 factories in India sitting on a 1 million square feet piece of built up factory space and are desirous to replicate the same in Zambia.

Mrs. Kapijimpanga says the company is almost fully registered in Zambia awaiting a few regulatory approvals for it to operate in Zambia.

This is contained in a statement issued to Q News by Zambia’s Embassy to India Press Secretary Bangwe Naviley.

 

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