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Nairobi, 18th September 2024 – Norfund, the Norwegian development finance institution, has partnered with Irvine’s Group in a USD 18 million equity investment aimed at expanding high-impact poultry operations across Sub-Saharan Africa. The investment, which targets operations in Kenya, Tanzania, Botswana, and Mozambique, will enhance food security and strengthen agribusiness value chains in the region.
The funds will be directed towards Buchan Limited, the holding company for Irvine’s regional operations. Irvine’s is a leading breeder and supplier of broiler Day-Old Chicks (DOCs) and high-quality poultry feed across Sub-Saharan Africa. The deal will allow Irvine’s to scale its production capacity, particularly in East Africa, where demand for poultry products is rapidly increasing.
As part of the agreement, Irvine’s, in partnership with Cobb, will establish an advanced grandparent farm in Tanzania to breed parent stock, reducing the need for imports and ensuring a more reliable and cost-effective supply chain across Africa.
Speaking at the partnership announcement in Nairobi, Norfund’s Regional Director for East Africa, William Nyaoke, emphasized the importance of the deal in fostering sustainable food systems and driving economic growth. “Irvine’s contribution to agribusiness value chains has been crucial in creating long-term employment for the youth, particularly in rural areas. This investment will further empower smallholder farmers and support regional agricultural value chains,” he said.
The partnership also promises broader distribution networks, increased production of poultry feed and DOCs, and expanded technical support for small-scale farmers. Additionally, Irvine’s will increase its procurement of essential grains like maize and soybeans, further benefiting local farmers.
Craig Irvine, CEO of Irvine’s Group, highlighted the transformative potential of the investment, noting that it would enable the company to continue providing affordable, high-quality protein to consumers across Africa. “This investment will empower our growers to uplift their communities and drive sustainable economic growth, ensuring that nutritious protein reaches every market we serve,” he said.
With chicken and eggs being the most affordable sources of animal-based protein, the expanded operations are expected to meet the growing demand for quality protein in the region, driven by rapid population growth.
The official announcement took place in Kenya, with dignitaries including Norwegian Ambassador Gunnar Andreas Holm, US Embassy Agricultural Counsellor Tret J. Bret, and leaders from Irvine’s Group and Norfund.
This investment marks a major milestone in Irvine’s mission to improve food security and economic empowerment across Africa.
