Browsing: Economic Structural Adjustment Programme

Bulls at a CSC ranch in Zimbabwe. Cold Storage Company renamed CSC-Boustead Beef Zimbabwe is opening after two decades. www.theexchange.africa

The company was struggling following a significant decline in the late 90s. In a related article published by ZBC News at its utmost, the giant used to employ over 4,500 people thereby making it one of the country’s biggest employers.

Further, in addition to beef production, the company also produced a large variety of by-products such as hides, neat’s foot oil, ox gall, edible offal’s, tallow and dripping, canned meats, ham, blood meal, meat and bone meal and pork sausages among others. The institution is the lifeblood of livestock farmers and the leather value chain.

The government is targeting the revitalization of the institution under the National Development Strategy One (NDS1). The government in May 2019, signed a US$400 million joint venture farming Concession Agreement with Boustead Beef Zimbabwe, a United Kingdom-based investor. The venture was reportedly based on a Concession Agreement under Rehabilitation, Operate and Transfer (ROT) Terms.

The fund was allocated for capital expenditures and as working capital for the business. Apart from that, it will be used to pay in full CSC’s financial debts of US$43 million. Rentals of US$100,000 per year will also be paid during the first five years of the concession agreement.