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(Ecofin Agency) – Days after selling an agricultural asset in Ghana, investor AgDevCo, which has been active in sub-Saharan Africa since 2009, has secured additional resources to finance agricultural SMEs and agribusiness companies on the continent.
Investment firm AgDevCo announced yesterday February 24 it has raised $90 million in equity and debt to finance its expansion in SSA. This capital provided by the UK’s development finance institution CDC Group, the Norwegian Investment Fund for Developing Countries (Norfund), and the US development finance institution (DFC) will be invested in agribusinesses and agricultural firms in the region.
“Securing investment from CDC, Norfund and DFC is a major milestone in AgDevCo’s history. It is a strong endorsement of AgDevCo’s team and our strategy […] We are excited that our vision is shared by our new funders, who recognize the important contribution that AgDevCo investments can make to productivity, sustainability, and inclusivity in Africa,” said Keith Palmer, AgDevCo’s founder, and Chairman.
“Their funding marks the beginning of a partnership in which AgDevCo will use its sector specialism, drawing on our new funders’ networks and resources, to increase the number of impactful investments in African agriculture,” he added.
This joint investment comes more than a month after AgDevCo sold an agricultural asset in Ghana. The deal announced on January 11 involves the sale of Babator Farming Company to a Ghanaian agribusiness company.
Since it started operations on the continent in 2009, the British firm has already committed more than $150 million in agricultural projects and agribusiness SMEs across ten African countries.
Chamberline Moko
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