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Add to Preferred SourcesEconomic opportunities for thousands of smallholders across Kenya are to be transformed under a new EUR 50 million (KES5.7 billion) agriculture sector financing programme, the Kenya Agriculture Value Chain Facility, launched by the European Investment Bank in Nairobi and supported by the European Union.
The new initiative represents the first dedicated support for long-term investment by agriculture companies in Africa backed by the European Investment Bank, the world’s largest international public bank. The scheme is designed to tackle specific investment gaps currently hindering expansion in the sector.
“The European Investment Bank is pleased to launch our first dedicated support for long-term investment in African agriculture here in Nairobi. Working with Equity Bank across country the new Kenya Agriculture Value Chain Facility will help agriculture companies to modernise and harness the full economic, employment and export potential of agriculture as well as expand business with local smallholders. As the EU Bank, the EIB is pleased to strengthen our close cooperation with Kenyan partners and the European Union Delegation to ensure that agricultural investment can increase under an exciting new scheme that acts as a model for our engagement across Africa.” said Catherine Collin, European Investment Bank regional representative for East Africa.
The new European Investment Bank financing scheme is supported by a EUR 10 million grant under European Union’s Kenya AgriFI programme. This will cover currency-hedging costs and technical assistance.
Original source: EIB
Published on 12 June 2019