News International Sugar Journal

Zambia – New US$90 mln sugar refinery commences operation [Registered]

Construction of the US$90 mln Product Alignment and Refinery (PAAR) project at Zambia Sugar’s Nakambala factory was completed on 6th July, on time and within budget, according to local press reports. The project comprised doubling refinery output to around 100,000 tonnes and sugar production capacity increasing from 420,000 to 450,000 tonnes Illovo Group managing director Gavin Dalgleish said that through its subsidiary (Zambia Sugar), the company had sourced local commercial banks to raise funds. “The US$60 million syndicated financing agreement for the refinery project was sourced locally with Stanbic Bank and Barclays Bank appointed as lead arrangers, while Citibank and…

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