(Ecofin Agency) - The International Monetary Fund (IFC) approved the disbursement of $30 million in favor of Kenyan company Twiga Foods, under its Global SME finance facility.

The resources are granted in the form of a guarantee and will be provided through Kenyan commercial banks, and partners of the financial institution dedicated to the private sector. The Kenya Commercial Bank will lead this first transaction for the benefit of Twiga Foods.

The company, co-founded in Nairobi in 2014 by Peter Njonjo and Grant Brooke, plans to support and finance nearly 300 Kenyan farmers to ensure a consistent level of fruit and vegetable production for food retail and commercial businesses.

It should be noted that the IFC, a member institution of the World Bank Group, has already participated in several fundraising initiatives in favor of this food distribution platform.

Chamberline Moko