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  • Zambia: Firm seeks to revamp cashew industry

    Apr 1st, 2015

    Western Cashew Nut Industries is discussing with Development Bank of Zambia and the Ministry of Agriculture and Livestock on the possibility to finance the K22 million required to invest in the multi-million cashew plantation project.Company managing director Moses Shimbilimbili said over 200 farmers have been engaged to cultivate cashew trees under the out-grower schemes.This will result in 14,000 metric tonnes of cashew nut trees being harvested to generate over K130 million annually. “It might take two years to materialise and we project to generate K133 million per year if global prices of cashew nuts, currently standing at US$10 per kilogramme, remain constant,” Mr Shimbilimbili said.He said the company has identified 15 out-grower schemes comprising over 200 farmers along the cashew hubs which will operate as cooperatives.Cashew nut growing in Western Province dates back to 1985. The economic viability of cashew trees runs out after 30 to 40 years, after which they no longer bear nuts.With the K2.8 million loan acquired from the Citizens Economic Empowerment Commission (CEEC) to buy equipment and assets from the defunct Zambia Cashew Nut Company, Western Cashew Nut Industries is poised to revamp the sub-sector.The Western Cashew Nut Industries has a factory in Mongu and 2,000 hectares of plantation. It also has 1,000 hectares of plantations in Lukulu, 600 hectares of plantations in Senanga and 140 hectares of plantations in Kalabo that were purchased through CEEC funds.