US$10 million grant to support the development of Africa-based innovations to boost African agricultural growth

US$10 million grant to support the development of Africa-based innovations to boost African agricultural growth

1st October 2012. The Swedish International Development Cooperation Agency (SIDA) and the Alliance for a Green Revolution in Africa (AGRA) has issued a US$10 million grant to support the development of Africa-based innovations to boost African agricultural growth.

SIDA Representative, Henrik Riby, and AGRA President, Jane Karuku formalized the agreement by signing the document at the recently concluded African Green Revolution Forum.

The grant issued 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 agricultural sector in Africa.

Among the entrepreneurs applying for the loan, only ten to twelve will be selected and provided with the funds to develop their ideas into practical projects that are both commercially viable and with 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.

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