from MARIA MACHARIA in Nairobi, Kenya
Kenya Bureau
NAIROBI, (CAJ News) – THE Irvine’s Group and Norwegian development finance institution (Norfund) have signed a US$18 million to boost poultry operations and strengthen food security in Africa.
The equity investment will scale high-impact poultry operations in Botswana, Kenya, Tanzania and Mozambique.
It will enable Irvine’s, already a leading poultry breeder and supplier of broiler day-old chicks (DOCs) and high-quality poultry feed across Sub-Saharan Africa, to further scale operations in the regions.
As part of the agreement, Irvine’s, in a joint venture with its long-time partner Cobb, will establish an ultra-modern grandparent farm in Tanzania.
This facility will breed parent stock and help reduce the timeline and logistical challenges of importation, thereby increasing the cost competitiveness and ensuring the reliability of the supply chain throughout Africa.
As a key supplier of DOCs and feeds to small-scale farmers, the partnership with Norfund will enhance Irvine’s total offering through increased feed and chick production, expanded technical assistance, and broader distribution networks.
Speaking during the partnership announcement in Nairobi, Kenya, Norfund Regional Director, East Africa, William Nyaoke, said that the deal aligned with Norfund’s commitment to foster sustainable food systems and the shared vision of both organisations to strengthen food security and make agribusiness a driving force for Africa’s economic prosperity.
“Irvine’s contribution to promoting agribusiness value chains has been instrumental in creating long-term employment for the youth, particularly in rural areas, thereby driving economic empowerment and enhancing livelihoods,” Nyaoke said.
Chicken and eggs are the most affordable animal-based protein sources in the above-mentioned countries.
“These funds will fuel the next chapter of our growth, enabling us to continue driving our purpose of changing lives in Africa by providing accessible, high-quality protein while empowering local businesses,” said Craig Irvine, Group CEO of Irvine’s Group.
Africa Insight Advisors, a Tanzania and Kenya-based boutique management consulting and transaction advisory firm, was the originator and Financial Advisor for the transaction.
– CAJ News