Kenya secures KSh26bn UK deal
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Kenya secures KSh26bn UK deal to back rural farming in a bid to increase food productivity in the country
Kenya secures KSh26bn UK deal to back rural farming in a bid to increase food productivity in the country.
With the signing of an agreement with British (UK) investment organization United Green Group, Kenya is expected to cut its reliance on food imports by $200 million (Sh26 billion) each year.
According to the agreement, over the course of the next five years, the group will provide agro-fin-tech services for rural communities, highly productive climate-smart farming, and cutting-edge agro-industrial facilities.
This occurs at a time when Kenya’s food import expenditure in the first nine months of 2018 reached a record high since 2017, driven by a significant decline in local production as a result of a protracted 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,” said Trade Cabinet Secretary Moses Kuria.
In a local joint venture with the Kenyan company Victoria Green Invest, the agreement would adopt a strict agricultural development aimed at significantly enhancing food security in the area.
With a focus on meeting local consumer and industrial demand, it is anticipated that high-value crops including rice, cotton, sunflower, soybean, and maize will generate foreign exchange.
Mr. Kuria, Prof. Peter Anyang’ Nyong’o, the governor of Kisumu County, and Albrecht Frischenschlager, the chief investment officer of United Green Group, inked the agreement.
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“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,” said Mr. Frischenschlager.
The latest data from the Kenya National Bureau of Statistics (KNBS) shows that Kenya’s food import bill rose 18 percent to Sh183.93 billion in nine months from Sh155.42 in a corresponding period in 2021.
This is the highest figure recorded in a year’s first nine months since 2017 when the bill stood at Sh185.22 billion pointing to heightened food imports during the election period.
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