GIPF invests millions in blueberry project

07 February 2020 | Business

The Government Institutions Pension Fund (GIPF) has invested N$90 million in a local company, Konigstein Capital, for a blueberry agricultural project at the Mashare Irrigation Scheme.

Konigstein Capital has a 25-year lease agreement to operate from the scheme located in the Kavango East Region, and is expected to grow 20 -150 hectares of blueberries for export purposes.

The pension fund made an initial investment of N$27.5 million with the company in April 2018 for the production of wheat, maize and potatoes on 120 to 460 hectares of arable land at the scheme.

Albert Basson from Konigstein Capital told a GIPF delegation that toured the project this week that by August 2018, the project had already seen its first harvest of maize, wheat and potatoes.

The GIPF delegation comprised the chief executive officer David Nuyoma, members of its board of trustees, as well as staff members.

Hitting the market

The recent investment will allow for blueberries to be produced for the first time in Namibia, with the first harvest expected in August this year.

“We decided to plant blueberries because it will create maximum jobs for the country and the region, as well as foreign currency into diversified markets,” Basson explained.

With the blueberries, Namibia can tap into its existing infrastructure to export the fruit. It will however also be seen on local retail shelves, Basson said.

GIPF trustee Goms Menette lauded the investment, saying the GIPF’s money is in good hands and that they expect good returns from the partnership. - Nampa