Kenyan and foreign financiers are poised to inject a total of Sh1.7 billion ($19.5 million) in coconut handling factories in Kenya’s Kwale and Kilifi counties.

This comes after it has become apparent that coconut has become a significant foreign revenue earner for Kenya.

Francis Fondo, the MD of Kenya Coconut Development Authority, this week said Canada’s Gujral Group will inject $10 million (Sh860 million) in a coconut factory in Kwale.

Fondo said the firm intends to handle coconut oil and “desiccated coconut” in this particular plant.

In addition, an India-based company, Deejay Group, would also inject $5 million (Sh430 million) in a coconut handling business in Kenya.

Lastly, Consolata Ayoo, a US-based businesswoman, is set to erect a $1.5 million (Sh130 million) factory in Ukunda and Kwale counties before long.

The factory will handle “tender coconut water,” according to Fondo.

“Last year, the coconut sector just earned the country Sh6 billion because most of the nuts are exported raw to Tanzania,” Fondo told Kenya’s Business Daily.

“But when the processing plants worth Sh1.7 billion are up and running, the earnings from the industry would shoot to Sh25 billion a year.”

He disclosed that discussions between the Indian and Kenyan governments over the importation of crossbreed coconuts to Kenya are underway.