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Afdb Announces $3.39m Fund For 17 African SMEs In The Agricultural Sector

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The African Development Bank is the host of the Agriculture Fast Track Fund (AFT). Recently, the AFT announced $3.39million funding for 17 new African Small and Medium-scale Enterprises (SMEs) in the agricultural sector.

The African Development Bank recently announced the funding it’s providing in Accra, Ghana. This funding will be in support of SMEs in the agribusiness sector in eight African countries.

Firstly, four SMEs in Ghana, four in Tanzania, and four in Burkina Faso, are to benefit from this fund. Another two in Malawi, two in Mozambique, one in Ethiopia, one in Nigeria and one in Senegal will also benefit.

This funding is a part and result of the Agricultural Fast Track Fund’s transformative agenda for food security, income enhancement and job creation. It also aims at improving the livelihoods of smallholder farmers in Africa.

The Agriculture and Agro-Industry Department of the AFDB has administered the AFT since inception. Over time, it has approved 36 grant projects, which are mostly private-sector sponsored agribusiness SMEs.

Jonas Chianu said the fund finances the project development cost of a broad range of agriculture infrastructure. These projects span the entire value chain, from production to the market.

“Target projects range from rural feeder roads to irrigation, agro-processing and marketing facilities, and out-grower schemes,” Chianu added.

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Similarly, the AfDB’s Country Manager for Ghana has said that the development of agribusiness is one of the bank’s priorities in Africa.

“Relatively low productivity, under-utilised agricultural land, infrastructural deficiency and lost opportunities for value addition have perpetuated poverty and food insecurity in the continent. The emerging wide-reaching food shortages have led to food crises and restiveness in many regions.” Baldeh said.

Also, you can click here to read more about funding for your business.

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