Looking ahead to greater impact on our 34th anniversary
We celebrated our 34th anniversary on 15th September, and we have never been more committed to improving the livelihoods of as many smallholder farmers as possible.
We are proud of our achievements since the CFC launched in 1989, which include making more than 455 investments across 70 commodities in 104 different countries. But we know there is still a long way to go to reach the unreached, to serve the unserved and to lift the downtrodden.
Our 2022 Annual Report shows how the CFC continues to make a difference. Our current portfolio of investments is expected to benefit hundreds of thousands of people where poverty and food security are engrained.
In the coming years, our aim is to increase the number of smallholder farmers we support through our investments. As we look ahead, the challenges they face from climate change to economic volatility are growing. But there is also enormous potential for small and medium sized enterprises (SMEs) in the agricultural sector to drive prosperity if they are provided with knowledge and information for a technology enabled transformation.
Unfortunately, agri-SMEs in developing countries often struggle to access crucial financing that will amplify their impact. That is why there is such high demand for our services. Earlier this year, 136 applications were submitted to our 22nd Call for Proposals, with nine recommended for investment by our Executive Board. Our 23rd Call for Proposals is currently underway, and we are seeing a similar level of interest. We want to do more to meet this demand.
CFC Managing Director Amb. Mohammed Belal says: “The CFC has achieved so much in 34 years. But we want to go further and are fully focussed on generating even greater positive impact in the years ahead. We want to invest in more agribusinesses that are driving prosperity and climate resilience in developing countries. These SMEs are the engine of growth, and our current portfolio shows the difference they can make to local communities that struggle with poverty and hunger. All we need is an enabling environment where financing is made concessional and de-risked by the donor communities, MDBs (Multilateral Develop Banks) and other IFIs (International Financial Institutions).”
He adds: “As I look forward to the 35th year and beyond, I am absolutely hopeful of a better time for a technology enabled transformation in the agri-commodity sector to add more income and prosperity for our smallholder farmers. In particular, I’m excited to see our new ACT Fund gathering momentum as it seeks to attract public -private investment into agri-SMEs. This will enable us to draw more resources to support agribusinesses and smallholders, which is our core purpose.”
For an in-depth look at our impact read our CFC Annual Report 2022.