UK Billionaire to Fund East African Firms

Lord Sainsbury, who owns a majority stake in London-based retailer Sainsbury’s, has formed Msingi to invest in East Africa businesses that have high growth potential.

Sainsbury’s UK

British billionaire Lord David Sainsbury has set up an Africa-focused entity to manage his investments in the continent, joining a growing list of high-net-worth investors looking to the region as the next frontier for entrepreneurs.

Lord Sainsbury, who owns a majority stake in London-based retailer Sainsbury’s, has formed Msingi to invest in East Africa businesses that have high growth potential.

Msingi, a Swahili word for foundation, will identify, nurture and manage investments in startups and viable business ideas.

“With the setting up of Msingi, we are confirming our commitment to achieve sustainable industrial development through a number of ambitious sector development programmes,” said Lord Sainsbury when he met Industrialisation secretary Adan Mohamed on Wednesday.

The London Stock Exchange-listed Sainsbury’s is the second largest supermarket chain in the UK after Tesco, where it operates over 1,203 supermarkets and convenience stores.

Mr Mohamed said the government has embarked on reforms to address challenges facing investors setting up business in Kenya.

“Ours is a solid commitment to ensure that our investment partners enjoy a conducive environment for business,” he said.

– Business Daily