New Delhi: The UK government has pledged $25 million as estment to boost agriculture businesses in Africa, in a move that is expected to boost food security and resilience on the continent, a UK government press release stated.
The UK Minister for Africa Lord Collins of Highbury made the announcement Thursday at the Africa Food Systems Forum (AFSF) in Kigali, Rwanda.
The funding will be channeled through the new AgDevCo Ventures facility, which is being set up by the UK-based social impact investor. The UK government has announced its intention to back a new $50 million facility called AgDevCo Ventures. The UK will contribute over half the funds, with AgDevCo collecting funds from other investors, the release read.
It will support small and medium-sized enterprises, with a particular focus on African-owned and managed businesses, that are working within Africa’s agriculture sector.
The new funding facility is expected to generate an additional £128 million in income for farmers by 2036. Lord Collins said: “Improving food markets will have a game-changing impact on individuals and families across Africa. Giving hard-working farmers stable incomes, creating jobs for the youth, and helping end malnutrition.”