NAIROBI, Kenya, May 29 – Fresh fruits and vegetables exporter AvoVeg plans to invest Sh2.63 billion ($20 million) in Kenya’s avocado industry through value addition.
The fund, which will be invested in the in the 3rd quarter of 2024, will go into the set-up of state-of-the-art machinery for processing and packaging avocados.
“With over 1 billion shillings already invested in Kenya’s agricultural sector, AvoVeg Health is now embarking on a new venture that will add significant value to the avocado industry,” Nathan Loyd, a Kenyan American entrepreneur and founder of AvoVeg Health, said at the sidelines of the US trade and investment initiative dubbed Prosper Africa, which was also participated in by President William Ruto during his recent visit to the U.S.
“This high-tech factory will address the critical issue of post-harvest wastage, thereby benefiting thousands of farmers across the nation. “Our new value-add venture will solve the huge challenge our farmers face due to wastage issues that benefit thousands of farmers across our nation,” Loyd added.
Loyd stated that AvoVeg Health’s efforts align with the Kenyan government’s top-up approach and value-added objectives.
However, he stresses the importance of state support in completing the project.
“Your assistance in facilitating this meeting would be invaluable in ensuring the success of this groundbreaking project and the continued growth of Kenya’s agricultural sector,” Loyd appealed.
Loyd is not new in the entrepreneurial realm as he has boosted over three decades, including minerals in the Democratic Republic of Congo, real estate in Rwanda, and agriculture in Kenya.
