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

Similar News

 

One foot in front of the other

1 day - 21 January 2022 | Business

Elizabeth Joseph During the pandemic, many people had to be strong while their loved ones succumbed to the virus and had to deal with burying...

Renewable energy is imperative for Namibia’s future

1 day - 21 January 2022 | Business

Staff reporter The United Nations has identified 17 Sustainable Development Goals that we should try to achieve. All are noble, all are essential, but some...

COMPANY NEWS IN BRIEF

1 day - 21 January 2022 | Business

Jewellery helps Richemont sales jumpStrong demand for its jewellery and watches in the Americas and Europe in a post-pandemic rebound helped quarterly sales at Cartier...

COMPANY NEWS IN BRIEF

2 days ago - 20 January 2022 | Business

ExxonMobil targets 'net zero' emissions ExxonMobil pledged Tuesday to reach "net zero" greenhouse gas emissions in its operations by 2050, but stopped short of extending...

Buying, selling a business as going concern

3 days ago - 19 January 2022 | Business

Audrey van Antwerpen – Many entrepreneurs at one stage or another consider buying or selling a business, especially in these challenging economic times.Where a business...

COMPANY NEWS IN BRIEF

3 days ago - 19 January 2022 | Business

Unilever faces a dilemmaUnilever faces a dilemma after its 50-billion-pound (US$68 billion) offer for GlaxoSmithKline's consumer healthcare assets was rejected.The bid for GSK's assets, including...

World's 10 richest men doubled wealth

4 days ago - 18 January 2022 | Business

The world's 10 wealthiest men doubled their fortunes during the first two years of the coronavirus pandemic as poverty and inequality soared, a report said...

COMPANY NEWS IN BRIEF

4 days ago - 18 January 2022 | Business

BBVA to pay billions to shareholdersSpain's BBVA expects to distribute more than 7 billion euros (US$8 billion) to shareholders in 2021 and 2022, around a...

NAMFISA cautions the public on microlenders

5 days ago - 17 January 2022 | Business

STAFF REPORTERThe Namibia Financial Institution Supervisory Institutions (NAMFISA) is cautioning the public on microlenders retaining possession of bank cards and PIN codes, original identification documents,...

COMPANY NEWS IN BRIEF

5 days ago - 17 January 2022 | Business

J&J reaches opioid settlementJohnson & Johnson on Friday said it had agreed to pay US$44 million to resolve claims that it fuelled the opioid epidemic...

Latest News

N$8.8 billion gained in export...

1 day - 21 January 2022 | Economics

PHILLEPUS UUSIKUNamibia gained about N$8.8 billion in exports earnings in November 2021, an increase of 1.3% when compared to N$8.7 billion recorded in October 2021....

NISS records settlement value...

1 day - 21 January 2022 | Economics

PHILLEPUS UUSIKUDue to high volumes of the new domestic electronic funds transfer (EFT) system streams, utilisation of the lending facilities, the purchase and resell of...

In the jaws of justice

1 day - 21 January 2022 | Justice

ELLANIE SMIT, JANA-MARI SMITH, MATHIAS HAUFIKU AND OGONE TLHAGE · Esau spent N$900k from undeclared account while...

Working with high standards of...

1 day - 21 January 2022 | People

Wetumwene Shikage Not expecting to find a smooth and easy way of work, Romario Arnat describes his working experience as an eye-opener as to how...

Taking steady growing curves

1 day - 21 January 2022 | People

Wetumwene Shikage Timothy Olivier’s passion and dedication has been a key driver in his success not only within Old Mutual, but throughout his...

US sanctions strangling Zim economy...

1 day - 21 January 2022 | Economics

FANUEL JONGWECallisto Jokonya stands in the cavernous factory of Imperial Refrigeration and recalls the halcyon days. In the 1990s, his factory, located in the Zimbabwean...

UK inflation pushes cost of...

1 day - 21 January 2022 | Economics

ROLAND JACKSONThe annual rate of inflation in Britain rose to a near 30-year high in December, official data showed Wednesday, stoking fears about a cost-of-living...

Malpass urges Microsoft to help...

1 day - 21 January 2022 | Economics

After Microsoft announced it would spend tens of billions of dollars to buy a video game company, World Bank President David Malpass on Wednesday drew...

I’m not politicking with housing...

1 day - 21 January 2022 | Politics

NAMPA WINDHOEKThe housing crisis in Namibia is beyond politics and could lead to a civil war if not addressed in an...

Load More