In a game-changing move, Finnfund and DFC have pledged a whopping $15 million in financial backing to Kentegra Biotechnology. The aim? Supercharging pyrethrin production expansion in Kenya 🇰🇪.
Kentegra Biotechnology Holdings LLC, powered by this substantial investment, is set to process pyrethrum flowers from a staggering 90,000 small-scale Kenyan farmers. The end product? Pyrethrin, a vital ingredient for global insecticide and pesticide manufacturers.
In an unprecedented collaboration, Finnish development financier and impact investor, Finnfund, joined hands with the U.S. International Development Finance Corporation (DFC), a key player in American federal government development initiatives. Together, they spearheaded a funding round that not only surged Kentegra Biotechnology’s equity but also propelled its operational expansion.
CEO Brian McKenzie of Kentegra Biotechnology stated, “Through this production, over 10,000 contracted farmers adopt regenerative organic agriculture techniques to cultivate the raw material – flowers. With support from skilled Kentegra agronomists, these farmers ensure sustainable and eco-friendly practices. This not only secures substantial and steady income for local communities but also empowers them to enhance their quality of life by providing education for their children, securing health insurance, and overall, improving living conditions.”
The 1990s saw Kenya dominate global pyrethrum production, accounting for a staggering 80%. However, competitive pressures from cheaper synthetic insecticides took a toll, leading to a decline. But fear not, as this new injection of investments is breathing new life into production capabilities. The soaring global demand for organic pesticides and environmentally friendly food is driving this resurgence.
Photo Source: Google
August 29, 2023
Delino Gayweh
Serrari Financial Analyst
