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The UK Government through AgDevCo has invested a USD 3 Mn investment in Rwanda’s maize milling company Minimex.
AgDevCo is a UK based social impact investor project developer working in the African agriculture sector with a portfolio consisting of over 50 investments in production, processing and distribution companies. To date, the company has invested over USD 150 Mn and has linked more than 480,000 smallholder farmers to profitable markets.
AgDevCo announced its latest investment in the Rwanda-based company during the visit of UK Minister of State for Africa, Harriett Baldwin, who who arrived in Kigali to represent her country as the Paul Kagame-led country marked the 25th commemoration of the 1994 Genocide against the Tutsi.
The visiting UK Minister of State for Africa said, “UK Aid has developed a longstanding partnership with AgDevCo and is pleased to see this third investment in Rwanda, which will spur the local production of nutritious food whilst creating new markets for maize farmers. This investment will help to deliver more opportunities and jobs, which is in all our interests.”
Minimex officials say the investment by the UK impact investor will enable them expand their production capacity. The family owned business is expected to grow its markets and purchases from from tens of thousands of maize farmers across the country.
“The investment will significantly benefit maize farmers, livestock owners, consumers and the Rwandan economy by increasing production of fortified flour and high quality animal feeds,” said Félicien Mutalikanwa, Minimex’s Chairman.
Mutalikanwa while speaking to the press revealed that the company has been producing at only 40 percent of its capacity further noting that the investment will enable them go up to 55 per cent in 2019.
“In the next year, we hope to be producing at 65 per cent of the factory capacity and at 80 per cent in the next three years. We intend to buy more maize from local farmers and ensure that we don’t face stock challenges as it has been previously,” he noted.
Regarding the investment, Chris Isaac, AgDevCo’s Managing Director, said, “We’re delighted to back Minimex, an innovator in food safety and nutrition. Minimex drives impact at both ends of the supply chain, buying maize from smallholder famers and selling fortified flour to its customers. Along with companies like Uzima and Kigali Farms, Minimex is helping build Rwanda’s reputation in the East Africa region for quality you can trust.”
The maize milling company is reportedly the most technologically advanced mill in Rwanda and it has a capacity to produce over 40,000 tonnes per annum. It produces fortified maize flour, grits and bran distributed across the East African market.
The company currently works with more than 10,000 maize farmers across the country and notably, 60 percent of them are women.
Featured Image Courtesy: Eucord
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