US International Development Finance Corporation provides US$5-million debt facility to Twiga Foods

US International Development Finance Corporation has provided a US$5-million debt facility to Kenyan based Twiga Foods.Twiga Foods is a food delivery company which has a platform where buyers get fresh food and vegetables from farmers (typically bananas, mangoes, potatoes, onions and tomatoes). The pricing is typically lower due to the cut-off of middle distributors. The company started operations in 2014 and current shareholders are Peter Njonjo, Grant Brooke, Omidyar Network, 1776 Seed Investors, Blue Haven Initiative, DOB Equity, Wamda Capital and Alpha Mundi, TLCom and IFC. The funding is expected to expand small holder farmer value chain in Kenya.

The US Senate created the new US government agency called the International Development Finance Corporation which assists Emerging Markets with funding for their infrastructure projects. The International Development Finance Corporation has estimated funding capital of $16 billion which is to be deployed towards providing infrastructure aid to emerging markets. The US has previously been more active in African aid while infrastructure funding was mostly provided by China. East Africa will likely be the first African region to benefit from this new development finance institution.

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