Property Reality Company (PRC) has today released the first of its annual payouts to the investors of its agribusiness-focused investment pilot plan, Kilimo Biashara.
More than 50 investors turned up to collect their earnings, thanks to the Agricultural initiative. According to a report by the World Bank, agriculture accounts for an estimated 65% of the regions’ employment. In Kenya, the sector employs about 75% of the population.
Speaking at the event where more than 50 investors had come to collect their earnings, PRC Chairman Mr. Brian Gacari, said that the importance of agriculture in the economies of Sub-Saharan African countries cannot be overemphasized.
“Investment in agriculture has been lauded as the new way out of unemployment for Kenyans. We have proved that farming, including the small-scale types, can be a profitable venture for anyone,” said Mr. Gacari.
“Our Kilimo Biashara plan targets middle income urban dwellers with the opportunity to create employment and invest in profitable farming. We aim to unlock the potential of individuals and ensure food and financial security,” he said.
Mr. Gacari continued to say that the investors who each invested approximately Ksh.249,000 in the purchase of the land, will continue to reap from the land, recouping their investments and collecting profits annually. The investors, who comprised of individuals and investment groups commonly referred to as chaamas, received payouts of between Ksh.120,000 and Ksh.1,200,000.The company, in partnership with renowned Israeli firm, Agri Green, put up the greenhouses, managed them, planted and marketed the produce, with the investors only having to wait for their returns.
Agriculture being the main source of revenue for most Kenyans, 10 youth from Kimende Village decided to enhance the economic scale in their region by rearing chicken, goats and producing vegetables. They believe that the financial benefits of the project will positively impact the local community and contribute to slowing down the exodus of youth to the cities.
The success of the Kilimo Biashara pilot plan has shown that it is not enough to just buy land for speculation, waiting for it to appreciate in value for re-sale.
Africa’s population, and especially young population, is growing fast, with Kenya expected to hit 62m people by 2030.
“It is our hope that we have begun to redefine opportunities in agriculture for our youth who make up the majority of the unemployed, to become the next generation of farmers and agricultural professionals,” continued Mr. Gacari.
The burden of unemployment currently facing the country is of concern. According to Mr. Abraham Murithi, the General Manager, the company’s Kilimo Biashara projects have created employment to the surrounding communities, improving the quality of their lives drastically.
He concluded by emphasizing the need for the government and the private sector to work together in ensuring that the youth are hopeful for the future, and given the opportunities necessary to grow themselves.