Arusha, Tanzania, September 28, 2012 – The Swedish International
Development Cooperation Agency (Sida) and of the Alliance for a Green
Revolution in Africa (AGRA) announced a US$10 million grant to support
the development of Africa-based innovations to boost African
agricultural growth. Mr. Henrik Riby, Representative, Sida and Mrs.
Jane Karuku, President of AGRA formalized the agreement this week in a
signing ceremony at the African Green Revolution Forum in Arusha.
The grant, awarded by Sida, will be directly channeled to the African
Agribusiness Window of African Enterprise Challenge Fund (AECF), a
fund hosted by AGRA. Administered by the AECF, the grant will enable
Africa-based entrepreneurs to submit new and innovative business
solutions to accelerate the development of the agricultural sector in
Africa.
Between 10-12 winners will be selected and provided with funding to
develop their ideas into practical projects that are both commercially
viable and will have a broad developmental impact on the rural poor.
The projects will have a significant focus on the empowerment of women
and environmental sustainability.
The grant is part of SIDA’s program area focused on inclusive business
and pro-poor economic growth, with investments that must significantly
contribute to poverty reduction and rural development. The grant is
expected to benefit at least an additional 60,000 households (300,000
people) with extra income, employment, market access and transfer of
know-how.
“We know that a more effective and professional agriculture sector can
make a real difference for millions of people living in poverty in
sub-Saharan Africa, “said Henrik Riby, SIDA. “By sharing the financial
risks of private investments in agribusiness, we hope to encourage new
sustainable ways of raising rural incomes.”
“The African Enterprise Challenge Fund is an important contributor to
AGRA’s goals and strategy, and its impact will be enhanced with this
grant from the Swedish International Development Cooperation Agency,”
said Jane Karuku. “These projects benefit millions of Africa’s rural
poor in very practical ways such as jobs, increased income, knowledge
transfer and market access.”
About SIDA
Sida, the Swedish International Development Cooperation Agency, is a
government agency under Sweden’s Ministry for Foreign Affairs. Sida’s
goal is to contribute to making it possible for poor people to improve
their living conditions.
About AGRA
AGRA is an Africa based organization working in partnership with
governments, agricultural research organizations, farmers, private
sector, civil society and other rural development stakeholders to
significantly and sustainably improve the productivity and incomes of
resource poor farmers in Africa. AGRA’s programs in the areas of
seeds, soil health, market viability, supportive policies and
innovative finance work to bring about transformational change across
the agricultural value chain. Funded initially by the Rockefeller
Foundation and the Bill and Melinda Gates Foundation, AGRA is chaired
by Kofi Annan and has offices in Nairobi, Kenya and Accra, Ghana.
Please visit us at http://www.agra-alliance.org/.
About AECF
The Africa Enterprise Challenge Fund (AECF) invites private sector
companies to compete for investment support for their new and
innovative business ideas in agri-business, rural financial services
and renewable energy & adaptation to climate change. To qualify for
AECF funding, a business idea must have a positive impact on the rural
poor in Africa, delivering increased employment, reduced costs, and
improved productivity. The AECF runs competitions open only to
for-profit-companies. For more information on the AECF please visit
www.aecfafrica.org or email info@aecfafrica.org.