Incofin backs three African agribusiness companies
Incofin Investment Management has announced the first investments from its new Nutritious Foods Financing Facility.
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Incofin Investment Management has announced the first three investments made through its new Nutritious Foods Financing Facility (N3F), launched earlier this year.
Each selected company has received debt financing in the range of $500,000 – $1 million to scale up their production, increasing their capacity to supply lower-income local households in sub-Saharan Africa with nutritious food. Further, they will each be supported with tailored technical assistance managed by the Global Alliance for Improved Nutrition (GAIN).
The first investment went to Shalem Investment, a Kenyan SME that aggregates produce from smallholder farmers and is active in the fortified flours business. Shalem provides local communities with affordable, high-quality fortified maize and wheat flour – essential ingredients for staple foods like ugali and porridge.
Good Nature Agro, an innovative Zambian SME, was the second beneficiary. Specialising in legumes and seeds, the company partners with over 15,000 smallholder farmers, significantly contributing to local food security. (Read more: $10m Zambian company proves small farms can be big business)
The third investment went to Camino Ruiz, a Kenya-based company that distributes tilapia fish. Tilapia is a crucial source of protein and essential nutrients, including vitamins and minerals like B12 and selenium, for low-income communities.
Myrtho Vlastou, debt director for Africa at Incofin Investment Management, remarked, "These initial investments exemplify N3F’s mission to bridge the funding gap for SMEs in sub-Saharan Africa. By supporting Shalem Investment Ltd and Good Nature Agro, we are fostering businesses that deliver critical nutritional benefits to their communities. Our focus remains on driving tangible, sustainable change where it is needed most."
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