(CercleFinance.com) – Eni reports that the International Finance Corporation (IFC) and the Italian Climate Fund will invest $210 million in its Kenyan subsidiary in order to increase the production and processing of advanced biofuels.
This investment ($135 million from the IFC and $75 million from the Italian Climate Fund) aims to support the decarbonization of transport and improve the livelihoods of 200,000 small Kenyan farmers.
The project plans to increase oilseed production from 44,000 tonnes to 500,000 tonnes per year, and includes services to farmers such as inputs, mechanization, and training.
Announced at the Africa CEO Forum 2024, this project is in line with the Italian government’s Mattei Plan and aims to strengthen climate resilience and support agricultural development in Kenya.
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