Kenya signed a KES 26 billion deal with United Green Group (UG), a UK-based investment company, aiming to lower its reliance on food imports by $200 million (equivalent to KES 26 billion) per annum.
The group has agreed to provide Agri-fin-tech services to rural communities, state-of-the-art agro-industrial facilities, and high-productivity climate-smart farming for the next five years.
This agreement comes at a time when Kenya’s food imports bill reached a record high in the first nine months of last year, primarily due to a significant decrease in local production caused by prolonged drought.
The investment will support the Kenyan Government’s strong commitment to agricultural transformation, increased productivity and output, and inclusive growth of local agriculture and associated industries.
Trade Cabinet Secretary – Moses Kuria
Through a local joint venture with Kenyan company Victoria Green Invest, the deal aims to implement a rigorous agriculture development program with the goal of materially contributing to the region’s food security.
Additionally, it will focus on cultivating high-value crops such as rice, cotton, sunflower, soybean, and maize to generate foreign exchange, while also satisfying local consumer and industry demand.
We are proud to have found such committed foundation partners and identified potential additional partnerships with international DFI’s and look forward to building a national champion business in the sector together.
United Green Group Chief Investment Officer – Albrecht Frischenschlager
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