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PE fund to invest Sh535m in Kenya agribusiness SMEs

admin2020-07-22T12:38:06+00:00
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?Cyprus-based private equity firm Vital Capital will invest up to Sh535 million in small and medium agribusiness enterprises in Kenya in partnership with the US government’s Kenya Investment Mechanism (KIM) that was set up to help firms affected by the Covid-19 pandemic.

Vital Capital managing partner Nimrod Gerber said that the firm was looking to create at least 500 jobs through this investment, whose funds will be drawn from its Sh1 billion Vital Impact Relief Facility (VIRF).

The investment will enable local firms to strengthen their farm-to-market value chains to maximise returns and reduce losses.

“Vital Capital and KIM are seeking to identify and execute at least five completed transactions, providing at least Sh500 million in financing, to alleviate the strain of Covid-19 on impactful Kenyan businesses thereby sustaining 500 jobs,” he said.

“We believe this collaboration has the potential to effect real change and support smallholder farmers survive the worst ravages of the Covid-related economic crisis.”

KIM chief of party Roger Bird said USAID will utilise its vast knowledge on a case by case basis to inform decisions made on Vital Capital partnership and funds’ injection.

The Vital Capital-KIM collaboration will entail identification of potential opportunities in KIM’s pipeline where KIM’s network of transaction advisors will facilitate the transactions leading to a close under Vital Capital’s investment committee.

Vital Capital has hired Guido Boysen, a former chief executive of SME lender Grofin to spearhead the investment programme, saying it will utilise his vast experience in creating and managing targeted debt facilities in Africa to co-lead the new business.

Founded in 2011, Vital Capital focuses on SME investments in sub-Saharan Africa that benefit millions of people in low and middle-income communities.

It manages Sh35 billion under its Vital Capital Fund as well as the new debt facility.

KIM is a five-year programme that is funded by the US Agency for International Development (USAID) to mobilise up to Sh42.8 billion in investments towards key sectors including agriculture, which have faced challenges in accessing finance and market access.

Source : www.businessdailyafrica.com

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© Copyright 2019. All Rights Reserved.
17-19 November 2020 | Kenyatta International Convention Centre (KICC)
  • Home
  • Exhibitors
    • About Africa Food Show 2020
    • Show Profile
    • Hosted Buyers Program
    • Exhibitor Registration
  • Visitors
    • Venue
    • Visitor Profile
    • Visitor Registration
  • About Africa
    • Business Opportunities
  • About Us
  • Contact Us
  • Partners & Media
  • Press
    • Industry News
    • Press Articles
    • Gallery
    • Reports
  • Book Your
    Stand Now
  • VIRTUAL SHOW

Recent Posts

China (Taizhou) Agricultural Digital Expo
XIAN Brand Digital Expo
2020 GANZHOU BRAND DIGITAL EXPO
PE fund to invest Sh535m in Kenya agribusiness SMEs
AFRICA FOOD SHOW & ZHEIJANAfrica Food Show & Zhejiang Online Export Trade Fair make their VIRTUAL debut from Monday July 20 – Friday 24 July for five fabulous days, packed with the latest products and trends, thought leadership and insightful talks from a line-up of industry movers and shakers. Dubai, 20th July 2020: The official opening of Africa’s largest and most comprehensive VIRTUAL B2B food show since the global COVID-19 crisis – Africa Food Show Virtual Exhibition (AFS VE) co-located with Zhejiang Online Export Trade Fair – kicked off today. The 5-day show – which has the full backing of the Department of Commerce of Zhejiang Province and Zhejiang International Trade & Exhibition Co., Ltd – will play host to some of the most cutting-edge trends in food & agriculture and showcase ground-breaking new products and technologies that are set to help businesses thrive for the next decade. The global pandemic has put extraordinary pressure on businesses in the food sector to survive. There’s therefore a need to develop solutions that will keep agriculture safely running as an essential business, markets well supplied in affordable and nutritious food, and buyers still able to access and purchase food products and technology despite global trade restrictions and obstacles in logistics. Mr. David Wang, Founder and Chairman of MIE Group “I look forward to the work ahead,” MIE Group Board Chairman Mr. David Wang remarked, “We are a resilient, innovative organisation and we are dedicated to developing platforms and services that will strengthen global food trade. AFS VE is the timely solution we have designed to help food manufacturers, buyers, distributors and suppliers recover from the impact of COVID-19.” While the number of confirmed COVID-19 cases in Africa so far pales in comparison to other key markets, the disruption in supply chains is already evident in the food sector. The price of fertilizers has soared as farmers struggle to find more reasonably priced alternatives. Food processing companies are wondering how and where to get replacement parts for their production lines. Furthermore, some of the biggest exporters in the world have reduced their exports because they fear food shortage in their own countries. MIE Group’s Vice President of Sales & Marketing, Fadi Kaddoura said, “We understand the significance of this supply chain problem and in order to overcome it, we have meticulously gathered over 150 leading companies in the food industry from more than 14 countries in order to give you the opportunity to reconnect with your suppliers and continue doing business.” Dr. Nevine Gamaa, Minister of Industry & Trade, Egypt “We want to consider the Coronavirus pandemic as an opportunity, rather than an ordeal, and we have observed that despite it, we can actually continue to open up new markets,” observed Dr. Nevine Gamaa, Egypt’s Minister for Industry & Trade. “We hope that this exhibition will be the start of other similar exhibitions because this pandemic has compelled us to digitize rapidly and deploy the use of communication technology in our meetings and conferences.” Other high profile speakers that shared their astute market insights during the opening ceremony include: Mr. Dan Halstrom – President & CEO, US Meat Export Federation (USMEF), USA Mr. Anthony Muriithi – Director General, Agriculture and Food Authority, Kenya Mr. Yu Guibing – Director, Ziyang Municipal Bureau of Commerce, China Ms. Wairimu Mbarire – CEO, Retail Traders Association of Kenya Mr. Naji El Haddad – Regional Manager, UFI Mr. Isabirye Farouk Lubanga – Board Chairman, Busoga Grain Traders Company, Uganda Ms. Wairimu Mbarire, CEO, Retail Traders Association of Kenya “We are a powerful, united retail voice; and we drive and shape the retail agenda while making sure business owners and their priorities are represented,” emphasized Ms. Wairimu Mbarire, the CEO, Retail Traders Association of Kenya. “For me to see so many businesses in the food and beverage sector keen on doing business with Kenya is overwhelming. It is a show that our retail sector continues to grow as we proceed into the future.” AFS VE will keep the global food supply chain alive by connecting thousands of buyers, global manufacturers and suppliers through an exclusive virtual B2B environment equipped with advanced video conferencing capabilities. Beyond business, the platform will also drive thought leadership through its dedicated virtual conferences, live keynote presentations, moderated panel discussions and exclusive webinars. To see more of what’s on offer at the show, visitors can go to: www.globaltradeweek.com/afsG ONLINE EXPORT TRADE FAIR MAKE THEIR VIRTUAL DEBUT!
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