DFIs support AgDevCo with $90m investment

AgDevCo, a specialist investor in early-stage African agribusinesses, has received a $90 million investment from CDC Group, Norfund, and DFC.

“DFC is thrilled to support AgDevCo with a $20 million loan to bring additional capital to smallholder farmers and agricultural businesses in Africa, promoting food security for lower-income communities across the continent,” said Algene Sajery, Vice President of External Affairs and Head of Global Gender Equity Initiatives at DFC.

“With DFC’s loan and funding from our partner DFIs, AgDevCo will be able to connect more farmers to markets and provide jobs for underserved populations, with a particular focus on women farmers.”

This comes on top of CDC, Norfund, and the UK’s Foreign, Commonwealth and Development Office (FCDO) announcing further support for AgDevCo’s integrated technical assistance facility of up to $5.4 million.

Tenbite Ermias, CDC’s Managing Director for Africa, said: “This investment reinforces our long-term commitment to investing in key sectors in Africa including agriculture, which is critical for creating jobs, promoting gender equality and supporting people to build a better life for themselves and their families.”