British retail billionaire, David Sainsbury is set to launch an investment company focused exclusively on investing in local companies and entrepreneurs in East Africa. David Sainsbury was ranked 1,368 in last year’s Forbes World’s Billionaires list and is worth an estimated US$1.3bn. (Sainsbury’s great grandfather founded Sainsbury’s supermarket chain, the second largest supermarket chain in the U.K. in 1869).
The new investment company, Msingi ( a Swahili word for “Foundation”) will invest in East African companies with high growth potential. In addition to its investment mandate, the new company will provide market and technology research to business owners and will also run an enterprise incubator to support entrepreneurs.
During a recent trip to Nairobi, Sainsbury said the investment company will help further his commitment to create jobs, improve incomes and achieve sustainable industrial development in Africa.
“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.