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EU: €17million for floriculture in East Africa

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Thursday, 26 April 2018

EU: €17million for floriculture in East Africa

Agri-Vie, a private investment fund focused on food and the food industry in Sub-Saharan Africa, and Norfund, the Norwegian investment fund for developing countries, have jointly invested $17 million in Marginpar Flower Group Holdings, a company specialised in the sale of flowers in East Africa. Herman Marais, the co-founder of Agri-Vie, which includes among its backers the private equity arm of South African insurer Sanlam, said the aim of the investment was to provide sustainable support for the growth of Marginpar, which operates in Tanzania, Kenya, Ethiopia and even Zimbabwe. “Marginpar grows and exports a significant proportion of flowers from East Africa. Kenya is one of the world's leading suppliers of cut flowers with a market share of 35% within the European Union, Ethiopia is the second largest flower exporter in Africa after Kenya, with nearly 100 flower production companies spread over 1,700 hectares. It is therefore necessary to consolidate this industry," said Herman Marais.

Source: Agence Ecofin