Velocity Capital Group has been in talks with financiers to raise capital for its Ethiopia-focused agribusiness, Velocity Dairy, to fund its $56milion (€45million) plans to build a dairy processing plant.
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The financing will go into the building of new infrastructure, procurement of factory machinery and the purchase new equipment. Velocity intends to produce dairy products and fruit juices to be marketed primarily in the local market.
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The new plant will have a daily capacity of up to 70,000 liters. About €8 million of the financing is expected to come from the International Finance Corporation (IFC).
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Velocity Dairy was set up by US-based Velocity Capital in 2010. The investor wholly owns the company through a holdco, Velocity Africa Holding BV. The company is headquartered in Driebergen-Rijsenburg , Netherlands.
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