Heineken NV, the third largest brewing company in the world has announced a joint venture with CFAO in Ivory Coast to produce and market beer in the country, under the name Brassivoire.

Heineken will hold 51 percent ownership of the new venture, while CFAO holds 49 percent.

Ivory Coast is a “very promising and dynamic new market, “said Roland Pirmez, Heineken International’s President for Africa, Middle East and Eastern Europe region. In addition, he said the new venture will contribute to the economy and social development in the country.

The new brewery will have a capacity of 160 million litres a year, brewing Heineken beer and other brands for the domestic market. Production is expected to start in 2017. The site of the new brewery will be north of the City of Abidjan.

Brassivoire is working at developing a local sourcing project for the agricultural raw materials needed to produce beer. It hopes to source 60 percent of the materials locally in Africa by 2020.

The new beer company is expected to create 700 jobs and support 40,000 indirect jobs.

Heineken and CFAO have been collaborating for 20 years in the Brasco Company in Congo-Brazzaville.