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African Agricultural Capital in US$7 million plan to fund seed production in East Africa
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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