The Swedish International Development Cooperation Agency (Sida) and of the Alliance for a Green Revolution in Africa (AGRA) announced a USD10 million grant to support the development of Africa-based innovations to boost African agricultural growth.
SIDA representative Henrik Riby, and President of AGRA Jane Karuku formalized the agreement this week in a signing ceremony at the African Green Revolution Forum held here 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 adding that “These projects benefit millions of Africa’s rural poor in very practical ways such as jobs, increased income, knowledge transfer and market access.”
Sida, is a government agency under Sweden’s Ministry for Foreign Affairs and its goal is to contribute to making it possible for poor people to improve their living conditions where as
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.
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