(Ecofin Agency) - Kenyan fruits and vegetable delivery platform Twiga Foods has secured a loan of $5 million from the US International Development Finance Corporation (DFC). The announcement was made by the American institution yesterday March 31 on its website.

Twiga will use the amount to buy additional transportation and cold storage equipment to improve market supply. The company sources from more than 17,000 producers and delivers agricultural products to over 8,000 retailers per week.

According to Peter Njonjo, co-founder of Twiga, the informal and fragmented market for food production and distribution in Africa was worth more than $300 billion in 2019.

Let’s note that this is not the first loan granted by the American DFC. In October 2019, the development agency had co-invested alongside other investors in the capital of Twiga Foods.

Chamberline Moko