GroFin, a development financier which specialises in providing finance and support to small and growing businesses, has received a grant from USAID East Africa Trade and Investment Hub (“the Hub”). The goal of the grant to GroFin is to mobilise US$10 million of new investments into the agribusiness sector in East Africa over a two-year period. The grant will cover the following countries: Kenya, Uganda, Rwanda and Tanzania.
The grant was signed on Monday, 25th September 2017 by Juan Estrada-Valle, Chief of Party, USAID East Africa Trade and Investment Hub and Rishi Khubchandani, Investment Executive on behalf of GroFin.
“GroFin is proud to partner with USAID through The East Africa Trade and Investment Hub to extend the reach of its unique model of access to finance and business support to high impact agribusinesses across East Africa. Our intent is to provide business support and assistance to catalyse investments into food security, staple foods and high value nutrition products and increase the competitiveness of agriculture value chains in the region,” said Rishi Khubchandani.
“The Catalytic Financial Tool for Under-served Sectors that we are launching in partnership with GroFin was the missing element in our portfolio; it will enable us to provide targeted assistance to SMEs operating in the agriculture sector," said the Hub's Chief of Party Juan Estrada.
Titled “Catalytic financial tool for underserved sectors”, the grant will involve GroFin screening 200 agribusinesses and offering tailor-made technical assistance to promising small and medium enterprises (SMEs). The grant targets agribusinesses that:
- Contribute to food security and high-value nutrition products
- Increase the competitiveness of their agriculture value chains regionally
- Support use of innovative technologies to manage waste and losses (e.g. pre-and-post-harvest management losses)
- Enhance solutions/innovations that increase their productivity and/or reduce water usage and other scarce resources
GroFin is a pioneering development financier specialising in financing and supporting small and growing businesses (SGBs) across Africa and the Middle East (Kenya, Rwanda, Uganda, Tanzania, South Africa, Zambia, Nigeria – Lagos and Port Harcourt, Ghana, Ivory Coast, Senegal, Egypt, Oman, Jordan and Iraq).
GroFin’s SME development model is recognised internationally and has won several awards such as the 2017 CFI.co award for Best SME Impact Financier in Africa, the 2013 SME Finance Solution Award, the 2010 World Business and Development Award and Africa Investor Awards for 2007 and 2008.
Over our 14 years’ existence, we have invested in 600 SMEs, supported over 8,000 entrepreneurs, and sustained over 95,125 jobs across a wide spectrum of businesses in vital needs sectors such as education, healthcare, agribusiness, manufacturing and key services (water, waste and energy), among others.
For more information, please visit: www.grofin.com
About the USAID East Africa Trade and Investment Hub (“the Hub”):
The USAID East Africa Trade and Investment Hub (the Hub) boosts trade and investment with and within East Africa. It does this by deepening regional integration, increasing the competitiveness of select regional agricultural value chains, promoting two-way trade with the United States (U.S.) under the African Growth and Opportunity Act (AGOA) and facilitating investment and technology to drive trade growth intra-regionally and to global markets. The Hub supports the U.S. Government’s presidential Trade Africa and Feed the Future initiatives. It is funded by the U.S. Agency for International Development (USAID).Read more