NAIROBI, Kenya, Sep 20 – Norwegian state-owned investment company Norfund has inked a Sh2.3 billion ($18 million) deal with Irvine’s Group to boost the poultry sector in Kenya, Tanzania, Botswana, and Mozambique.
The equity investment in Buchan Limited, the Group’s holding company, will allow Irvine’s, a poultry breeder and supplier of broiler Day-Old Chicks (DOCs) and poultry feed across Sub-Saharan Africa, to scale operations in East Africa.
As part of the agreement, Irvine’s Group, in a joint venture with its long-time partner Cobb, will establish an ultra-modern grandparent farm in Tanzania.
The new unit 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 the continent.
“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,” Norfund East Africa Regional Director William Nyaoke said.
“By scaling production capacity and strengthening the local supply chains, Norfund’s investment will improve their capability to serve more smallholder farmers and create new jobs for East Africa’s fast-growing youth population.”
The funding also offers Irvine’s an opportunity to enhance feed and chick production, get expanded technical assistance, and have broader distribution networks.
Additionally, the Group plans to increase procurement of essential grains, including maize and soybeans, providing further support to local farmers and strengthening regional agricultural commodity value chains.
“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,” Craig Irvine, Group CEO of Irvine’s Group, added.
“This investment into the poultry industry goes beyond Irvine’s by improving our ability to supply and service our growers, thereby empowering them to uplift their communities but also drive sustainable economic growth, ensuring that nutritious protein reaches every market we serve.”
Chicken and eggs are among the most affordable animal-based protein sources, and this, coupled with the projected population growth in the region, will lead to an ever-increasing need to produce quality protein in the form of chicken.
