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ZIMBABWEAN Small to Medium Enterprises will take part in the second round of the Africa Enterprise Challenge Fund (AECF), Africa Agribusiness window, (AAW), in a bid to secure funding for agribusiness and renewable energy companies.The AAW is a special fund that is open to business ideas across Africa supporting ideas in the fields of agribusiness, financial services and value chains which extend across markets.
This edition of the competition is being funded by the Department of Foreign Affairs, Trade and Development Canada (contributing CAD 13.5 million), as well as a consortium of AECF’s existing funders (contributing US Dollars 5 million).
In a statement, AECF said the business ideas that qualify for funding must have a positive impact on the rural poor: delivering increased employment, reduced costs and improved productivity.
“Unlike other competitions of the AECF which sometimes focus on a region or theme, AAW is a special fund of the AECF that is open to any agribusiness related business ideas from across Africa, not just in one region of the continent,” it said.
In the previous editions, 22 businesses were awarded funding with six of them from Kenya, three from Mozambique and the rest spread out in Cote d’Ivoire, Ethiopia, Gambia, Ghana, Malawi, Nigeria, Rwanda, Uganda and Zambia.
These previous business ideas received funding of up to $28 million and include those in activities such as input supply, contract farming, processing, trading, finance and information.
The companies extend across sectors such as cocoa farming, poultry farming, small holder rice production, technology use, veterinary drug production and more. – BH24
Online Reporter