EU provides €45 million in support for smallholder agri-businesses in rural Africa
IFAD and AGRA, both with operations on the ground in rural communities, will work closely with the fund manager to identify investment opportunities with promising SMEs. Image Credit: Twitter(@IFAD) 15 February 2019 . European development commissioner Neven Mimica launched the new Agri-Business Capital Fund , or ABC Fund, a partnership between the EU and others who have so far committed around €55 million to support direct investments via small-scale loans for small- and medium-sized businesses and farmers' organizations, plus indirect investment in local financial institutions for on-lending. The EU has made €45 million available to the fund. On top of this, the Luxembourg Government and the Africa Green Revolution Alliance, an international NGO, are contributing €5 million and $5 million respectively. Launch of the Agri-Business Capital Fund (ABC Fund) Welcome remarks: Mr Gilbert F. Houngbo, President of IFAD Introductory statement: Mr Neven Mimica , Euro...