Norfund invests US$18 million in Irvine’s poultry operations in East Africa

KENYA – Norfund, a growth finance establishment established by the Norwegian Storting, has dedicated US$18 million to Irvine’s Group to develop hen and feed manufacturing throughout Kenya, Tanzania, Botswana, and Mozambique.

The funding goals to assist the event of a brand new grandparent poultry farm and feed mill in Tanzania, alongside a hatchery in Kenya.

This initiative is anticipated to create new jobs, enhance manufacturing capability, and scale back dependency on imported poultry merchandise, bringing the enterprise nearer to native markets.

Through the announcement in Nairobi, Norfund’s Regional Director for East Africa, William Nyaoke, mentioned the partnership displays Norfund’s ongoing efforts to reinforce meals safety in Sub-Saharan Africa by strengthening sustainable agricultural companies.

He added that each Norfund and Irvine’s share the identical aim of boosting the agribusiness sector in Africa to assist financial progress.

The official partnership announcement occurred in Kenya on September 18, 2024, attended by Norwegian Ambassador Gunnar Andreas Holm, US Embassy Agricultural Counsellor Tret J. Bret, Irvine’s CEO Craig Irvine, Board members David Irvine and Donnie Smith, together with Norfund Vice President Andreas Davidsen and William Nyaoke.

The transfer comes as Kenya’s poultry market continues to develop.

Based on the Meals and Agriculture Group (FAO), round 50 million birds are slaughtered in Kenya annually, with 92.6% of the inhabitants consuming hen repeatedly.

FAO-Kenya analyst Stephen Gikonyo famous that hen and egg consumption is anticipated to extend considerably, with poultry meat consumption projected to rise to 92,000 tonnes and egg consumption to 245,000 tonnes by 2050.