AgDevCo nabs $90M DFI funding to invest in African agribusinesses

AgDevCo nabs $90M DFI funding to invest in African agribusinesses

AgDevCo, a social impact investor and project developer based in Africa, has recently announced a $90 million package of new funding from the Norfund, CDC Group, and DFC, which will empower it to continue its growth in investment activities in agriculture across Sub-Saharan Africa.

Notably, this is in addition to the $5.4 million funding from Norfund, CDC, and the UK's FCDO (Foreign, Commonwealth, and Development Office) for the integrated technical assistance facility of AgDevCo.

AgDevco was established in 2009 as a vision of prospering commercial African agriculture segment which benefits economies, people, and the environment. The organization backs this goal by providing investment capital and technical assistance to grow impactful and sustainable business across the agricultural value chain.

By doing this, the firm plans to promote gender equality, resilience, and the production of better-quality, more nutritious food.

This new funding builds on the innovative endowment funding offered by the UK government which helped AgDevCo establish over the last decade.

This grant has offered capital to agribusinesses that have directly sustained or created more than 15,000 jobs and to work with 750,000 smallholder farmers to help further their income and enhance their resilience to climate change.

It has also empowered AgDevCo to create a capability and record a point where it can get external investment capital.

While welcoming the investment, Keith Palmer, AgDevCo's Chairman and Founder, said that securing the investment from Norfund, CDC, and DFC is a key milestone in the history of AgDevCo.

It is a massive endorsement of AgDevCo's team and its strategy. The firm is pleased to share its vision with the new funders, who recognize the firm's contribution to sustainability, productivity, and inclusivity in Africa.

The funding signifies the beginning of a partnership where AgDevCo will use its specialism of sector, drawing on its new funders' network and resources for increasing the number of impactful investments in African agriculture.

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