African Rivers Fund invests in Ice Industries Uganda
XSML has announced an investment, through its African Rivers Fund, in Ice Industries (ICE), a producer of flake ice, which is used mainly to keep fresh produce cold and is an essential element for the fishing sector in Uganda.
The investment from ARF will be used to more than double the companies’ capacity of ice production, so that larger quantities of ice can be provided to the local fishing communities, at lower prices.
Jarl Heijstee, Managing Partner at XSML says: “The fishing industry is vital for the economy of Uganda providing livelihood for tens of thousands of fishermen and their families. ICE has been a limiting factor and with this increase in capacity, we have more ice available but also at a more affordable price. With two refrigerated trucks ICE can also reach other nearby fishing communities. We expect to expand capacity again in the future as demand continues to grow.”
Ice Industries is a provider of flake ice for the fishing industry and the hospitality sector.
ICE main clients are the thousands of small fishermen on Lake Victoria as well as fish distribution and export companies.
The company also purchased two refrigerated trucks to deliver ice at nearby landing sites, where ice is not available.
Norman Batuma, Director of Ice Industries, said: “With the funding from XSML we have been able to double our capacity, serving more fishermen with flake ice. Without ice the fishermen cannot go fishing. In the past, we did not always have sufficient ice for them. This additional capacity will be positive for the fishermen as well as for Ice Industries”.
With the investment in Ice Industries, ARFs capital is almost fully committed.
The African Rivers Fund (ARF) targets growing, well-managed small and medium-sized enterprises (SMEs) in the Central & East African region covering Uganda, Democratic Republic of Congo (DRC) and Republic of Congo. The fund is named after the two most powerful rivers in Africa, the Congo and Nile Rivers, which embody the potential of the Central & East African region. Source: Africa Global Funds