Howard Buffett, the eldest son of billionaire investor Warren Buffett, has pledged to invest $500 million into Rwanda’s agriculture sector, according to a press release.
The investment is part of a wider 10-year strategic plan for Buffett’s charitable foundation Sequoia Farm Foundation, which last year announced its targets would be “The big idea” and Rwanda.
The foundation will support the country’s irrigation project across 380 miles of farmland and will invest in establishing an agriculture training institute which will be modelled on US universities.
Buffett believes that Rwanda is an ideal country for investment after it recovered from civil war and genocide in the 1990s to become a vibrant economy. The country wants to increase its economic growth from 8 percent to 8.5 percent in 2015; agriculture will form a big part of this growth, according to the press release.