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Country Bird secures US$25 million World Bank loan

In order to increase capacity at its plants in South Africa, Country Bird has secured a US$25mn loan from the International Finance Corporation (IFC), a member of the World Bank Group

The IFC, which funds private-sector ventures in developing countries, has granted the poultry and stock feed company a five-year loan.

A spokesperson from Country Bird said, “The proposed transaction will result in a long-term strategic relationship with the IFC.”

Under its expansion programme, Country Bird claimed that day-old chick production will increase from 12.8mn to 14.6mn per year at its Ramaphatle breeder farm in Botswana, and from 12.4mn to 26.8mn at its Chainda farm in Zambia.

The company added that it will also increase its feed mill capacity from 60,000 tons to 108,000 tons per annum in Zambia.

The chicken processing capacity at its Mafikeng plant will meanwhile increase to 41.4mn a year from 28.8mn, while soya deactivation plants will also be installed at two of its feed mills in South Africa, the company said.

Country Bird’s share price recently rose by 2.18 per cent to US$0.40, bringing its growth over the past six months to 15.4 per cent.

The company’s share price also rose sharply last month following South Africa’s plan to impose anti-dumping duties on imported Brazilian chicken.