Kampala, Uganda
March, 2006
Source:
The
East African via
The Meridian
Institute's Food Security and Ag-Biotech News service
Author: Julius Barigaba
African Agricultural Capital (ACC), a new investment
company, will loan US$7 million to small and medium-sized
enterprises in East Africa over the next 3-6 years, to promote
the production and marketing of high-quality seed varieties and
other improvements in the agriculture sector.
The article reports that ACC
will distribute loans of between US$100,000 and US$1 million to
companies with the potential to expand and deliver products and
services in rural areas.
The company, based in Kampala,
Uganda, is being funded by The Rockefeller Foundation in the
U.S., the U.K.'s Gatsby Charitable Foundation, and
Volksvermogen, a Belgian organization. The three are focusing on
private-sector-led development of agricultural production and
marketing systems.
According to the article,
Rockefeller and Gatsby have previously funded agricultural
projects and research in East Africa but were not satisfied with
the level of transfer of technology and agricultural activities
"on the ground."
Commenting on his company's
plans, ACC Managing Director Tom Adlam says: "There is a vibrant
seed sector in East Africa producing better genetically improved
seeds than the traditional ones. We hope the farmers can benefit
from this; our interest is to specifically fund businesses in
the agriculture value chain because agriculture still comprises
more than 50 per cent of the gross domestic product of the
entire East Africa region."
In addition to helping to
support improved seed varieties, ACC officials say they will
also invest in farm inputs, technical services, improving market
access, and storage and agro-processing facilities. The article
can be viewed online at the link below.
Link to original article:
http://www.nationmedia.com/eastafrican/current/Business/business270220062.htm
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