The UK’s development finance institution and impact investor, British International Investment (BII), has announced a $26.5 million commitment to AFEX
The investment, according to a statement yesterday, will support structural improvements in Africa’s agricultural industry, as AFEX currently operates over 200 warehouses in Nigeria, Kenya, and Uganda and serves over 450,000 farmers.
“BII’s investment will be used to build 20 modern warehouses in strategic locations in Nigeria, Kenya, and Uganda,” the statement said. Agriculture in Nigeria, Kenya and Uganda accounts for a quarter of GDP and employs 70 per cent of their populations, 80 percent of whom are smallholder and subsistence farmers.
Commenting on the transaction, BII chief executive officer, O’Donohoe, said, “The World Bank estimates that Africa’s food import bill has reached US$30 billion in recent decades. This is why we need to back technology-driven companies like AFEX because they help reduce that import cost by supporting smallholder farmers to increase local food production while also boosting their incomes.”
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