(Ecofin Agency) - The Agri-Business Capital Fund (ABC Fund), which invests in small-scale farmers and rural businesses in developing countries, annouced an investment of €1 million in three agribusinesses in West Africa.
The first facility of €450,000 will be allocated to Kaworo, a Burkinabe cereal and seed producer. Kaworo will use the money to purchase cereals for the 2021-2022 agricultural season, and strengthen the team of farmers with whom it works.
The two remaining loans will be granted to Yaffa et Frères (EYF) and Rocfed-Côte d'Ivoire, two companies operating in the mango sector. The Malian mango export company EYF will receive €250,000 to strengthen its working capital needs. Rocfed-Côte d'Ivoire will receive €300,000 to double its production and channel it to European markets.
"Given the challenges posed by the global pandemic, we are pleased to have approved these loans to address the capital needs of these agribusinesses, all of which are important contributors to the rural development of West African economies," said Solène Prince-Agbodjan, Investment Director at Injaro, ABC Fund's investment advisor.
This initiative follows ABC Fund's $11 million in financing to three agricultural cooperatives in Côte d'Ivoire, three agribusiness SMEs in Burkina Faso and Ghana, and two financial institutions operating in Kenya, Uganda and Ecuador.