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Partnership with the Africa Agriculture SME Fund (AAF-SME)

The AAF-SME Fund is Africa’s first Impact Investing Fund with a focus solely on food producing and processing Small and Medium-Size Enterprises (SMEs) throughout the continent. AAF-SME is being complemented through a Technical Assistance Facility (TAF) that provides grant funding with an emphasis on the establishment of out-grower schemes. The CFC joined the Fund on the second close in May 2014.

The fund has invested in eight different agricultural SMEs across Sub-Saharan Africa (SSA) that focus on different value chain segments, from mixed farming operations to organic fertiliser production. The proceeds are mainly used for follow-on investments for existing portfolio companies, till the fund is scheduled to close.

Through its investments, the AAF-SME fund has supported local employment and strengthened commercial relations of smallholders with AAF-SME funded companies, which source their raw materials for processing.

Submitting Institution

Africa Agriculture SME Fund (AAF-SME)





Total Cost (Target Fund Size)

USD 80,000,000

CFC Financing

USD 2,000,000 (equity)


Other main investors: Agence Française de Développement (AFD), PROPARCO, Spanish Government (AECID) and African Development Bank (AfDB).

Year of Implementation