PANAPRESS
Panafrican News Agency
Africa Enterprise Challenge Fund making Africa’s rural poor happy
Lagos, Nigeria (PANA) - An independent mid-term review (MTR) of the Africa Enterprise Challenge Fund (AECF) has found that the Fund is well on its way to making a difference to millions of Africa’s rural poor, according to an AECF press release, obtained by PANA here Friday.
The AECF is a US$ 100 million challenge fund that provides investment support to the private sector for their new and innovative business ideas in agribusiness, rural financial services and renewable energy/adaptation to climate change that will benefit Africa’s small farmers and rural households.
It is hosted by the Alliance for a Green Revolution in Africa (AGRA), based in Nairobi, Kenya, and is supported by the governments of Australia, Denmark, Netherlands and the UK as well as the International Fund for Agricultural Development (IFAD). The Fund Manager (FM) is KPMG Africa Development Advisory Services and partners.
The MTR follows a series of in-depth reviews of various aspects of the AECF. Its main purpose was to ascertain whether the AECF is on track to meet its objectives and to suggest improvements to existing governance and management processes.
This MTR took place after three years of the Fund’s operation. Another review of the AECF is planned for 2014.
The review found that the AECF has already achieved impressive results in the first three years.
The Fund Manager has developed effective systems for attracting and selecting the best business ideas and is currently managing an exciting and diverse portfolio of 48 projects in 16 African countries.
The programme is underpinned by an effective investment committee, consisting of five highly-experienced independent experts. The existing portfolio has the potential to deliver significant development impact and increased food security for millions of rural poor in Africa.
The review team also made a number of recommendations aimed at strengthening AECF’s effectiveness as a development challenge fund, including increased integration within existing structures of AGRA.
Upon release of the findings of the MTR report, André Dellevoet, Executive Manager of the AECF, said: “I am very proud of the team at AGRA and KPMG Africa DAS and their partners for the wonderful work they have done. I am confident that we will continue to achieve impressive results as the AECF continues to grow and reach an increasing number of Africans”.
-0- PANA PR/VAO 6May2011
The AECF is a US$ 100 million challenge fund that provides investment support to the private sector for their new and innovative business ideas in agribusiness, rural financial services and renewable energy/adaptation to climate change that will benefit Africa’s small farmers and rural households.
It is hosted by the Alliance for a Green Revolution in Africa (AGRA), based in Nairobi, Kenya, and is supported by the governments of Australia, Denmark, Netherlands and the UK as well as the International Fund for Agricultural Development (IFAD). The Fund Manager (FM) is KPMG Africa Development Advisory Services and partners.
The MTR follows a series of in-depth reviews of various aspects of the AECF. Its main purpose was to ascertain whether the AECF is on track to meet its objectives and to suggest improvements to existing governance and management processes.
This MTR took place after three years of the Fund’s operation. Another review of the AECF is planned for 2014.
The review found that the AECF has already achieved impressive results in the first three years.
The Fund Manager has developed effective systems for attracting and selecting the best business ideas and is currently managing an exciting and diverse portfolio of 48 projects in 16 African countries.
The programme is underpinned by an effective investment committee, consisting of five highly-experienced independent experts. The existing portfolio has the potential to deliver significant development impact and increased food security for millions of rural poor in Africa.
The review team also made a number of recommendations aimed at strengthening AECF’s effectiveness as a development challenge fund, including increased integration within existing structures of AGRA.
Upon release of the findings of the MTR report, André Dellevoet, Executive Manager of the AECF, said: “I am very proud of the team at AGRA and KPMG Africa DAS and their partners for the wonderful work they have done. I am confident that we will continue to achieve impressive results as the AECF continues to grow and reach an increasing number of Africans”.
-0- PANA PR/VAO 6May2011
