UK Authorities and Developmental Financing Organizations Join Forces to Boost Financing for Agribusiness Growth
The UK Government, in partnership with BII and FMO, has announced plans to extend the CASA (Commercial Agriculture Support for Africa) facility for another five years, operating from 2024-2026. The extension is part of an ongoing effort to support sustainable, inclusive agribusinesses in sub-Saharan Africa.
Each of BII and FMO will contribute $3 million towards the UK International Development-funded CASA technical assistance facility. This funding will help the facility continue its mission to provide greater support to agribusinesses, creating decent jobs in areas like processing, logistics, and sales, and increasing access to nutritious food.
Since its inception, the CASA program has already proven successful, with the first phase having helped 40 agribusinesses reach around 116,000 smallholder farmers. The program has provided improved services that have increased farmers' incomes and climate resilience.
The goal of the CASA Plus facility is to build upon these successes and further extend the CASA facility's reach. The expanded facility will aim to enhance existing investments, identify new investment opportunities, and address barriers to green and inclusive agribusiness investment.
The CASA program has worked closely with impact investors to identify agribusinesses in their portfolios that can benefit from tailored support to improve their inclusivity and climate resilience. These businesses can drive demand for smallholder produce while helping farmers improve the quantity and quality of their yields.
It's important to note that the organizations contributing to the expansion of the CASA Technology Support Fund alongside the United Kingdom have not been explicitly identified in the available search results, and the sum of their contributions is not described in the provided information.
TechnoServe, a global nonprofit focused on inclusive agricultural growth, will continue to manage the CASA facility. The UK Government's continued support for the CASA Plus facility underscores the importance of sustainable, inclusive agribusinesses in transforming the global agricultural system.
With a finance gap of $74 billion in agribusiness in sub-Saharan Africa, representing roughly 84% of demand, the need for initiatives like the CASA Plus facility is more crucial than ever. The facility's extension is a significant step towards addressing this gap and supporting the growth of sustainable, inclusive agribusinesses in the region.
