British retail mogul and philanthropist, David Sainsbury has revealed plans to launch an investment company for startups and business owners with high growth potential in East Africa.
The investment company which has been dubbed, Msingi (a Swahili word for “Foundation”) will grant market and technology research to business owners and also run an enterprise incubator that will support entrepreneurs and company in business planning and development.
It will support the establishment and growth of new companies in key sectors like agriculture and offer advice to East African governments on growth and innovation policies related to priority sectors.
A statement released by the Kenya’s Ministry of Industrialisation and Enterprise Development also revealed that the investment vehicle will support innovative projects that demonstrate business models and reduce barriers to investments by providing more access to funding to select businesses.
According to Sainsbury, the creation of Msingi will enhance his commitment to create jobs, improve incomes and achieve sustainable industrial development in Africa.
The billionaire’s great-grandfather is the founder of Sainsbury’s, the second largest chain of supermarkets in the UK.
He is also the founder of UK-based The Gatsby Charitable Foundation, which will operate Msingi.
Sainsbury has been investing in Africa actively through his foundation for the past three decades.
“We have worked in Africa since 1985, with the overall objective of creating jobs and improving incomes. With the setting up of Msingi, we are confirming our commitment to [achieving] sustainable industrial development through a number of ambitious sector development programmes,” he said.