African aquaculture fund lands €15m investment
African aquaculture fund lands €15m investment
The German Federal Ministry for Economic Cooperation and Development (BMZ) through KfW has committed €15 million ahead of Aqua-Spark Africa’s first close in early 2024.
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The German Federal Ministry for Economic Cooperation and Development (BMZ) through KfW has committed €15 million ahead of Aqua-Spark Africa’s first close in early 2024. The funds will be dedicated to accelerating the development of a sustainable aquaculture industry on the African continent. In addition, a technical assistance grant of €1 million will be provided.
Africa’s aquaculture industry is growing consistently year-over-year, yet the demand for healthy and affordable fish still far outstrips supply in almost every region of the continent.
“For BMZ, an environmentally, ecologically, and socially sustainable fisheries and aquaculture sector is essential for transformation of our food systems. BMZ is strongly dedicated to fostering sustainable aquaculture in Africa and bolstering food security. This is why BMZ supports the Aqua-Spark Africa Fund with up to €16 million, aiming to empower African aquaculture companies for enhanced productivity and ecological sustainability,” says Martin Hoppe, head of the division ’Food Security, Fisheries’ of the German Federal Ministry for Economic Cooperation and Development (BMZ).
“Having KfW as our anchor investor in Africa ensures we can catalyse more value-aligned investment into Africa’s growing aquaculture industry. There’s no shortage of ambitious, impact-focused African entrepreneurs with great traction in their respective markets – what they need now is long-term investment that centres support for farmer livelihoods and the development of an industry that is healthy, affordable, and sustainable overall,” says Aqua-Spark CEO, Lissy Smit.
“We are pleased to start a cooperation as anchor investor with Aqua-Spark, an experienced fund manager in the sustainable aquaculture sphere and to enable them to launch their new dedicated Africa Fund. We look forward to other public and private impact investors joining in the fund in order to work together to support food security through a thriving and sustainable aquaculture industry in Africa,” says Alexandra Albin, head of nature positive finance at KfW.
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