The United States Provides $1 Million to Support Ivoirian SMEs in the Agriculture Sector
Abidjan, Côte d’Ivoire, January 21, 2022. The U.S. Agency for International Development (USAID), through its West Africa Trade and Investment Hub, signed a grant agreement to provide $1 million to Injaro Investments, an Africa-focused private equity and private credit fund manager. The U.S. grant will support financing for, among others, export-ready, Ivoirian small- and medium-sized enterprises (SMEs) working in the agriculture sector.
“SMEs often face challenges accessing the capital needed to grow, create jobs, and engage in the export market. According to a USAID-funded study, 91 percent of SMEs need financing but only 27 percent apply for bank loans,” said Dr. Nancy Lowenthal, USAID Representative in Côte d’Ivoire. “Through this $1 million grant, USAID is helping to bridge the gap between SMEs and financing institutions.”
USAID’s grant to Injaro Investment will bolster an impact investment fund that aims to generate economic, environmental, and social benefit. Pre-identified SMEs that will receive financing support from the fund include a cashew processing unit, a mango warehouse, and a shea nut sorting unit, each in the northern and central regions of Côte d’Ivoire. Financing support to these SMEs is expected to create 133 new jobs, primarily for youth and women; increase and diversify revenue for 4,250 smallholder farmers; and generate $34 million in export revenue by 2024.