Kenya has signed a deal with British-based investment group United Green Group (UG) to reduce the country’s dependence on food imports by $200 million (Sh26 billion) annually over the next five years, reports Business Daily Africa. The deal will deliver Agri-fin-tech services, high-productivity climate-smart farming, and state-of-the-art agro-industrial facilities to rural communities in Kenya, contributing materially to food security in the region. In addition, the investment will support the Kenyan government’s commitment to agricultural transformation, increased productivity and output, and inclusive growth of local agriculture and associated industries.
The joint venture with Kenyan company Victoria Green Invest will focus on high-value crops such as rice, cotton, sunflower, soybean, and maize to generate foreign exchange and feed local consumer and industry demand. The deal was signed between Kenya’s Trade Cabinet Secretary Moses Kuria, Kisumu County Governor Prof Peter Anyang’ Nyong’o, and United Green Group Chief Investment Officer Albrecht Frischenschlager.