Kenyan farmers stand to benefit from a £55 million (about Sh7.1 billion) funding from the British government to UK-based agribusiness investor AgDevCo.
The firm says it will use the cash to support its current investments in African countries as well as to expand its operations into Kenya.
The funding will be disbursed through the UK’s Department for International Development (DFID) and is part of support to the country following Prime Minister Theresa May’s visit to Kenya.
“Responsible commercial agriculture has a major role to play in creating more jobs, increasing trade and reducing poverty in Africa. We welcome the announcement of the new funding by DFID, which will allow us to build further on the successes achieved by AgDevCo so far” said AgDevCo chief executive Daniel Hulls in a statement.
The firm says it has invested in more than 55 early-stage farming and agro-processing companies to date, in the process “supporting some 7,500 jobs and linking over 425,000 smallholder farmers to reliable markets.”
The company has a presence in Tanzania where it backs East Africa Fruits — which sells horticulture produce in regional markets. In Malawi, it supports Jacoma Estates which was founded by a group of British investors and is engaged in the macadamia export industry.