Somali AgriFood FundA seed capital matching investment fund focused on driving diaspora investments into Somali agriculture and rural businesses
Strengthening Communities Through Investment
The arid, desert landscape and limited access to financial resources present many challenges for farmers struggling to make a living in the Somali region’s rural agricultural sector. The Somali AgriFood Fund, a partnership between IFAD, Shuraako and BiD Network, offers entrepreneurs access to financial capital, leveraging an initial seed capital grant to raise private investment.
In March 2013, IFAD launched a new project called Enhancing Food Security in the Horn of Africa through Diaspora Investment in Agriculture Programme. The goal of the project was to facilitate the financing of businesses in the food and agricultural sector throughout all regions of Somalia and to engage the diaspora as a source of finance for small and medium-sized enterprise (SME) business development.
Promoting the improvement of the Somali well-being through new innovations
Providing new opportunities for paid employment thorughout Somalia
Enhance Food Security
Increasing access to sufficient, safe, and nutrious food
TOTAL LEVERAGED CAPITAL: $2,285,615
Seasonal Jobs Created
Full-time Jobs Created
TOTAL DIASPORA INVESTMENT: $992,640
The Fund supported investments in fishing vessels, cold storage facilities, refrigerated transport and blast freezing equipment.
The Fund supported investments in equipment for: cultivation, harvesting, post-harvest handling, cold storage, greenhouse farming and solar irrigation systems.
The AgriFood Fund supported investment in processing equipment, packaging and cold storage facilities.
The Fund supported investments in large equipment for: dairy processing, transport, as well as solar irrigation systems and accessible water infrastructure.
Somali AgriFood Fund Case Studies