BIO’s TGVC-backed loan helps Glacier Products scale dairy production and create jobs in Kenya
Supported by the EU’s EFSD+ and Global Gateway, the investment will strengthen Kenya’s dairy value chain, rural livelihoods and climate-smart production
Brussels, 20 August 2026 — EDFI Management Company (EDFI MC), through its Transforming Global Value Chains (TGVC) guarantee programme under the European Fund for Sustainable Development Plus (EFSD+), is supporting BIO’s €8 million senior loan to Glacier Products Limited (GPL), a Kenyan-based dairy company specialising in the manufacture, sale and distribution of a diverse range of dairy and confectionary products, including ice cream, chocolate and yoghurt.
BIO’s loan, guaranteed under TGVC to €4.8m, has an 8-year tenor and will contribute to a €27 million investment programme that includes the construction of a new ice cream production facility near Nairobi. The financing will be used to acquire new machinery and equipment, increase storage capacity and broaden GPL’s production line. The guarantee is critical to the transaction’s viability. Without it, the elevated risk profile — including sector and country risk, and the business continuity risks linked to the construction of a new production facility in Kenya, an OECD-classified Fragile Country — would likely make the investment unfeasible on sustainable terms.
Glacier Products Limited is owned by the Shah family and EXEO Capital’s Agri-Vie Fund II, and is headquartered in Kenya with operations across East Africa, covering production and distribution in Kenya, storage and sales in Uganda and Tanzania, and exports to other East African countries through third-party distributors. Since its acquisition by the Shah family in 1995, GPL has evolved from a small artisanal business into the market leader in ice cream in Kenya, supplying all major retailers, a wide network of smaller supermarkets, and the HORECA sector.
GPL sources its milk locally through cooperatives, supporting over 7,000 smallholder farmers. The investment is expected to deliver strong development impact in line with EFSD+ key policy objectives and the EU’s Global Gateway strategy. By 2028, GPL is expected to expand its network of smallholder farmers to around 12,400 through cooperative-based sourcing models that also provide training and entrepreneurship support, while creating 300 additional full-time jobs.
The project also contributes to climate action and the green transition. The new production site will be powered by renewable energy and a new, integrated carbon efficient refrigeration system, supporting Kenya’s green development ambitions and aligning with BIO’s climate action goals, while the broader investment strengthens local dairy value chains and more resilient food systems. In addition, the transaction supports digitalisation and technology transfer through the acquisition of high-tech machinery from European suppliers, improving GPL’s operational efficiency and production capabilities. This is aligned with Team Europe Initiative priorities on digital transformation and reflects TGVC’s broader objective of supporting value chains that are more sustainable, inclusive and resilient.
About EDFI Management Company
EDFI Management Company (EDFI MC) is a multilaterally owned impact asset manager which delivers innovative development finance solutions that enable European DFIs, development banks and private sector investors to increase the scale and impact of their work. The company focuses on business models, technologies and geographies where other investors have not been able to operate at the desired scale given their resources and investment criteria. For more information, visit www.edfimc.eu
About the EDFI Transforming Global Value Chains (TGVC) Programme
The EDFI Transforming Global Value Chains (TGVC) Programme is a joint EFSD+ guarantee programme developed by European Development Finance Institutions and EDFI Management Company under the EU’s Global Gateway. The Programme supports and de-risks debt investments in companies and projects that make global value chains more sustainable, inclusive, and resilient, with a focus on high-impact sectors and challenging markets. For more information see https://edfimc.eu/what-we-do/transforming-global-value-chains-tgvc/
About EFSD+
The European Fund for Sustainable Development Plus (EFSD+) is the financing arm of the EU’s Global Gateway strategy. It provides guarantees and blended finance instruments to support investments that contribute to sustainable development, particularly in fragile and emerging markets.
About Global Gateway
Global Gateway is the European Union’s strategy to boost smart, clean, and secure connections in digital, energy, and transport sectors, and to strengthen health, education, and research systems across the world. It aims to mobilise up to €300 billion in investments between 2021 and 2027 to support sustainable and trusted partnerships globally.
About BIO
BIO is the Belgian Development Finance Institution and investment arm of Belgian international cooperation. It supports the growth of a strong, locally anchored private sector in Africa, Latin America, Asia, and Ukraine. BIO’s investments create jobs and generate local tax revenues, attract additional private investments, focus on sectors often lacking access to capital and respect local priorities. Priority areas include sustainable agriculture, local value chains, renewable energy, and inclusive financial services, with special attention to women’s economic inclusion. For more information: www.bio-invest.be
