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Africa Enterprise Challenge Fund Seeks Agribusiness Innovators

Africa Enterprise Challenge Fund Seeks Agribusiness Innovators

Now in its third round, the Africa Enterprise Challenge Fund (AECF) is being disbursed to Agribusiness innovators that are aiming to establish easier practice for farmers in Tanzania. According to The Tanzania Daily News, the fund has put a call out to local businesses and entrepreneurs to secure financing for ideas.

New practices implemented by workers in the private sector are encouraged to seek funding which will ultimately benefit those living in Tanzania’s rural areas. Collectively, the ideas are supported to encourage further investment, both in agribusiness and rural farming.

“It seeks the best business ideas that will lead to growth in the rural economies of Tanzania,” Hugh Scott, AECF Director, said in the report.

According to Scott, in order to qualify for funding, participants’ ideas must pose a positive impact on the poor in rural Tanzania, encourage employment and income spikes while cutting costs and improving production.

Thus far, 22 businesses have been awarded financing through AECF — the first 10 in November of 2011 when the program was launched. In June of 2012, another 12 businesses were selected.

“I look forward to seeing broad participation of the Tanzanian business community in this competition,” Scott added.

The fund hopes to bring on businesses that cater to all areas of the agribusiness value chain including farming, manufacturing, distribution, trading and market information.