Seven agribusiness SMEs from Rwanda and Kenya, have secured over $1 million fund from the Rockefeller Foundation’s Good Food Innovation Fund for the production and sale of affordable fortified and nutritious foods.
The selected seven enterprises are known for revolutionizing the availability and affordability of ‘good food’ in low-income communities in Kenya and Rwanda.
The food initiative manager at the Rockefeller Foundation, Kagwiria Koome disclosed this development in an interview in Kigali during the 2022 African Green Revolution Forum (AGRF 2022).
She said; “For the Good Food Innovation Fund, our target will be to reach at least five million underserved populations with good food in five countries – Kenya, Rwanda, Burundi, Benin, and Ghana.
“In the initial round, seven SMEs were selected to receive support. They will receive funding between $100,000 (over Rwf100 million) to $200,000 (over Rwf200 million) each, for a total of over $1 million. The funding consists of an interest-free loan, and the repayment is between three and five years, depending on the operations of the company.
“They include five from Kenya, namely Fibered Fresh Partners, Keep it Cool, Sanku Kenya Ltd, Shalem Investments, and Smart Logistics Solutions, and two from Rwanda, which are Agri Farmer Centre Ltd (Agriface) and Muteesa Company Ltd.
“Within the food chain, the foundation is focusing on increasing access to good food – the food that gives nutrients required, not just calories, one of the best ways to reach many people with nutritious foods was through supporting SMEs engaged in their production”.
Launched in 2021 with a $5 million grant from The Rockefeller Foundation, the GFIF supports small and medium-sized businesses (SMEs) to expand access to nutritious and affordable food for low-income communities in Sub-Saharan Africa – while mitigating barriers such as high prices, consumer preferences and, unfavourable policies
Source: News Times