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£1.2 million grant released to 9 WAFM beneficiary agribusinesses


The West Africa Food Markets Programme (WAFM) over the period April to June 2018, released £1.2million in grants as part of its Challenge Fund to 9 of its beneficiary companies to support their operations and farming activities.
WAFM’s Challenge Fund is investing in 12 beneficiary agribusinesses through grants and releases funding to these agribusinesses in tranches for specific investment activities such as factory construction, purchase of processing equipment and agricultural machinery, provision of planting among others. The £1.2 million released brings to 84% of the total amount of grant funding (£6.9 million) that the project has co-invested in the 12 agribusinesses in the four targeted countries: Ghana, Burkina Faso, Niger and Nigeria. The beneficiary agribusinesses also contribute similar amounts in investments alongside the grant provided by WAFM.
With these funds, the 9 agribusinesses will be able to recruit additional [kindly insert number] smallholder farmers to join their outgrower schemes, provide farming and planting material such as seeds, fertilizer and land preparation as well as advise on good agricultural practices.
The amount released constitutes grant commitment on the part of WAFM’s Challenge Fund to co-invest in innovative agribusinesses involved in production, processing and cross-border marketing of maize, millet, sorghum and cassava in four countries: Ghana, Burkina Faso, Niger and Nigeria.
WAFM started in 2013 as part of Ukaid/DFID initiative to address food insecurity in West Africa is co-investing in 12 beneficiary companies, providing funding and technical advice that will help them to acquire state of the art processing facilities, develop inclusive out-grower farmer-based schemes, develop fortified staple food varieties and sustainable markets for farmers.