BIO supports local Kenyan dairy farmers through investment in Glacier Products Limited

BIO, the Belgian development finance institution, invests 8 million euros in Kenyan ice cream manufacturer Glacier Products Limited. This investment will support the construction of additional production lines and storage capacity to meet growing demand. Glacier prides itself on its high quality and its sourcing of milk from 7,000 local smallholder farmers.

Since 1979, Glacier Products Limited has been synonymous with delicious treats made in Kenya. What started with ice cream has since grown into a wide range of products. After all, also in tropical Kenya, people enjoy a refreshing scoop now and then. And not just ice cream—there’s also chocolate drinks, melt-in-your-mouth chocolate bites, and trendy yoghurts with unique fruit flavours like pineapple and coconut.
 

More and more people have a taste for Dairyland

The Dairyland brand has become a household name, not only in Kenya, but also in Tanzania and Uganda. Glacier also exports to other East and Central African countries. Its customers include retailers and small supermarkets, as well as hotels, restaurants, and caterers.

The company prides itself on meeting the highest standards of food safety. It sources its milk from 7,000 smallholder farmers, assuring them of a market.

The treats go down well, as the growing demand shows. But to meet that demand, investments are needed. Think of additional production lines and increased storage capacity.

A partnership with long-term impact

For financing, Glacier approached BIO, the development finance institution that is part of Belgian Development Cooperation. In October 2025, BIO announced an investment of 8 million euros in Glacier.

“This investment illustrates our commitment to supporting a strong private sector in our partner countries,” said Joris Totté, CEO of BIO. “By sourcing milk from local smallholder dairy farmers, Glacier has a significant economic impact throughout the region.”

BIO is making this investment together with I&M Bank, a leading Kenyan financial institution. The expansion project also receives support from EXEO Capital – Glacier’s equity partner – through Agri-Vie Fund II. This fund is a key investor in the company and has previously received financing from BIO. Both Agri-Vie Fund II and BIO are committed to promoting an inclusive private sector in Africa.

And that is a priority of the Belgian Development Cooperation, alongside supporting sustainable agriculture, eliminating inequality, and creating decent jobs. “Thanks to instruments like BIO, we can ensure that our support is not just aid, but a partnership with long-term impact,” emphasised Belgian Ambassador to Kenya, Peter Maddens. “BIO’s investments are in line with the Sustainable Development Goals (SDGs) and benefit both Glacier and Kenyan dairy producers.”