VENTURES AFRICA – IFC has revealed plans of $7 million investment to boost expansion plans of Vegpro Group, a major Kenyan flower exporting company in Ghana, in a statement issued by the IFC on Tuesday.
According to the finance organisation, the flowering company is expanding into a new market that is filled with avenues for sustainable land development while providing jobs and creating a supply chain that includes small-scale farmers.
The new project is built upon an existing investment partnership between IFC and Vegpro that began in 1995 and was renewed in 2005 when Vegpro received another investment from IFC which had helped Vegpro emerge as a leading agribusiness company in Kenya.
It is expected that Vegpro will use the funds to develop a 1,070 hectare farm in Ghana, which will boost the company’s vegetable production and will help it meet increasing demand from existing clients in Europe.
Furthermore, under the agreement, 800 smallholder farmers in Ghana will be exposed to international agricultural markets.