According to reports, British retail billionaire Lord David Sainsbury is setting up an investment vehicle to invest solely in East African businesses.

A report by Kenyan newspaper Business Daily says that Lord Sainsbury’s new investment company, called Msingi (which is derived from a Swahili word meaning ‘Foundation’), will invest in East African startups that have high growth potential.

“Msingi will support the establishment of new companies in key sectors like Agriculture and will undertake market and technology research as well assist entrepreneurs and new business owners in business planning and development. The new company will also operate an enterprise incubator which will provide venture capital to select businesses,” reports Forbes.

“With the setting up of Msingi, we are confirming our commitment to achieve sustainable industrial development through a number of ambitious sector development programmes,” David Sainsbury reportedly said during a meeting with Kenya’s Industrialization secretary, Adan Mohamed.

Sainsbury  inherited a stake in Sainsbury’s, one of the U.K’s largest supermarket chains, has a net worth that Forbes estimates at $1.3 billion.