The Nairobi-based Alliance for a Green Revolution in Africa (AGRA) on Tuesday announced partnership with Aceli Africa, a market incentive facility, to boost capital flows to start-ups that are transforming food systems in the continent.
Vanessa Adams, vice-president of strategic partnerships at AGRA, said the new partnership aims to unlock the potential of agri-based small and medium-sized enterprises (SMEs) in the continent through robust financing.
“This partnership with Aceli is a step in this direction, as the increased capital flows and technical assistance will enable SMEs to unleash their potential and offer better services to small-holder farmers,” said Adams, who stressed that the partnership will also focus on implementing a range of digital solutions that aim to improve financial record keeping and reporting among African agricultural start-ups.
Adams also said the partnership between AGRA and Aceli Africa will prioritize scaling up of innovations that address financing bottlenecks among SMEs that are key to vitality of agricultural value chains in Africa.
Hedwig Siewertsen, head of innovative finance at AGRA, said the partnership will also focus on investing in innovations that reduce the cost and risk of financing Africa’s agricultural SMEs.
“As AGRA, we want agricultural SMEs to grow and for that growth access to finance is key,” said Siewertsen.
Brian Milder, CEO of Aceli Africa, said the partnership will hasten realization of inclusive and sustainable agricultural transformation in Africa amid challenges linked to climate change.
“Achieving this vision is only possible if we can unlock the growth and impact potential of agricultural SMEs,” said Milder. “Building on AGRA’s leading role as a convener and advocate and Aceli’s data-driven approach to mobilizing private sector lending, together we can address the longstanding barriers that limit the flow of capital to agricultural SMEs.” Enditem