Posted on March, 24, 2023 at 06:41 am
Kenya has partnered with the United Green Group (UG), a UK-based investment organization, to conduct an agri-fin-tech initiative in the Nyanza region following the signing of aUSD250 million flagship agriculture investment programme.
The program’s goal is to increase the sector’s productivity and help Kenya achieve food sovereignty and security in the future.
The investment via a local joint venture Kenyan company, ‘Victoria Green Invest’, will adopt a rigorous development approach in the agriculture sector, which seeks to contribute materially to food security for Kenya and the region.
The venture will reduce Kenya’s dependence on importing food commodities by approximately USD200 million annually, thus reducing Kenya’s trade deficit.
Cabinet Secretary for Industry, Trade and Investment Moses Kuria said that 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.
“The Kenyan Government applauds the strong commitment and close collaboration shown by British investment group United Green and Kisumu County and national agencies and ministries, to initiate this truly transformative investment in Kenya’s agriculture sector,” he said.
“We are proud to support and are confident of the expected positive outcomes, that could be extended across Kenya, including job creation, improved crop production for the out-grower community, and enhanced livelihoods.”
He added that the project is also expected to spur high productivity in climate-smart farming and help the government set up agro-industrial facilities creating new markets for farmers in the Lake Victoria Basin region for over five years.
The project is touted to create at least 5,000 direct jobs and incorporate 20,000 rural households.
Kisumu County Governor, Anyang’ Nyong’o, said the project has incredible alignment to the County Government of Kisumu’s strategy and with the national Government’s Agricultural Sector Transformation and Growth Strategy (ASTGS) 2019-2029.
“Kenya needs a champion organization to provide leadership and prudent investment, to develop inclusive, scalable, market-based, environmentally sustainable and high productivity agri-food system,” he said.
The pact signaled President William Ruto’s commitment to ensure the UK-led flagship investment project delivers sector productivity and structural improvements, catalyzing future food security.
It is expected to reduce country’s reliance on food imports and donations to sustain the citizens.
The MoU was signed between the Ministry of Investments, Trade, and Industry, Cabinet Secretary Moses Kuria, Kisumu County Governor Peter Anyang’ Nyong’o, and United Green Group’s Chief Investment Officer, Albrecht Frischenschlager.
Source: Capital FM