SME Investment Fund Receives $10m Grant to Finance Agri-businesses Across East Africa

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GroFin, a firm that provides financing for small and medium-sized enterprises (SMEs), has received a Sh1 billion ($10 million) grant from the United States Agency for International Development (USAid) to support agribusinesses across the East African region.

USAid confirmed the grant in a statement, adding that the fund would benefit agribusiness-focused SMEs in Kenya, Uganda, Rwanda and Tanzania, the region’s key markets.

“GroFin will review 200 agribusinesses from which it will draw a smaller pool of enterprises for commercial investment in the form of debt and quasi-equity,” Business Daily reported.

“Our intent is to provide business support and assistance to catalyse investments into food security, staple foods and high-value nutrition products,” said Rishi Khubchandani, investment executive at GroFin.

 

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