The International Finance Corporation (IFC) has extended a Sh3.2 billion debt funding to Kenya’s Agri-tech start-up, Twiga Foods. The funds will be used to complement 300 irrigated medium-scale contract farmers who will add to Twiga Foods’ smallholder supply base.
Twiga joins other recipients including Tier 1 commercial banks such as Kenya Commercial Bank who have benefited from IFC’s global SME finance facility offers unfunded risk sharing facilities (RSFs)
Twiga’s funding will be used to support at least 300 medium scale farmers to help supplement the company’s smallholder supply base. This will help the start up have a stable supply of fresh fruit and vegetable all year round. Twiga has said it aims to supply readily available, safe, affordable and high quality food to Kenya’s urban markets.
Twiga CEO, Peter Njonjo, said that the initiatives are in line with the government’s transformation and growth strategy for the Agricultural sector. The government’s strategy aims to boost food security in the medium term through modernization and the scaling up of commercial farming for the domestic market.