British retail billionaire, David Sainsbury is set to launch an investment company, Msingi, focused exclusively on local companies that support entrepreneurs.

The new investment company, Msingi ( Swahili word for foundation) will invest in East African companies that have high growth potential, provide market and technology research to business owners and also run an enterprise incubator to support budding entrepreneurs.

During a recent trip to Nairobi, Sainsbury said the investment company will help further his commitment to create jobs, improve incomes and achieve sustainable industrial development in Africa.

"We have worked in Africa since 1985, with the overall objective of creating jobs and improving incomes. With the setting up of Msingi, we are confirming our commitment to achieving sustainable industrial development through a number of ambitious sector development programmes," he said in a statement.

Sainsbury was ranked 1,368 in last year's Forbes World's Billionaires list and is worth an estimated Sh114,205 Billion. His great grandfather founded Sainsbury's supermarket chain, the second largest supermarket chain in the United Kingdom in 1869. He is known worldwide as Lord David Sainsbury, the Baron Sainsbury of Turville, and is a philanthropist and businessman. His Gatsby Charitable Foundation has funded programs in agricultural research, tea, forestry,cotton and textile sectors in Kenya.