IFC proposes additional investment in Kenya's Twiga Foods

The IFC is proposing to invest, through unfunded risk sharing facilities (RSFs) with tier 1 commercial banks in Kenya, up to KES1.6 billion ($15 million) for an aggregate portfolio of loans of up to KES3.2 billion ($30 million) in Twiga Foods, a distributor of fresh fruits and vegetables and fast-moving consumer goods in Kenya. The funding will be used to support the development of up to 300 irrigated medium-scale contract farmers. The RSFs will be scaled up in phases and the first phase will be implemented with KCB Bank Kenya Limited.

Established in 2014, Twiga, through its unified digital platform and robust logistics network, efficiently connects farmers and retail vendors to increase the availability, affordability and accessibility of food. The company is an existing IFC client.

Twiga shareholders are co-founders Peter Njonjo and Grant Brooke, as well as institutional investors including the IFC Venture Capital Group, Goldman Sachs, Stichting DOB Equity, ON Mauritius, Wamda MENA Ventures I C.V, Alpha Mundi, Blue Haven Global LLC, 1776 Seed Investors LP, 1776 Bananas LP, TLcom Capital Partners, Creadev International, SKC2PCC, Tide Africa Fund, Project Hand Purpose Trust, Biscuit LLC, Musha Investments LLC, Adolf H. Lundin Charitable Foundation, AHL Growth Fund LP, GLQ Holdings (UK) Limited, SocialAlpha Investment Fund (SAIF) SICAV-SIF – Bastion and other minority investors.

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