Norfund, the Norwegian Investment Fund for Developing Countries, has announced an investment of $8 million (R120 million) in South African raisin processor and distributor Redsun.
Established in 2009, Redsun is based in Keimoes in the Northern Cape, a region where approximately 90% of South Africa’s raisins are produced.
Norfund’s investment is expected to sustain 163 direct jobs, create more than 200 new permanent jobs and support more than 6,000 indirect jobs by investing in a rural part of South Africa where manufacturing job opportunities are scarce. “It is also in line with our strategy to create jobs by processing agriculture locally. The new pecan wet cracking facility and raisin processing facilities are going to be instrumental for the company and the region. We are excited to partner with an experienced management team and to benefit from 1K1V’s access to Three-Dimensional Capital,” he said.
Jordaan noted the growth investment by Norfund will enable Redsun to double its current capacity by building the sole raisin processing facility in Vredendal, the fastest-growing frontier for raisin production in South Africa.
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