US $1.8million has been invested by the Agri-Business Capital Fund (ABC Fund) into Benin microfinance institution Union Nationale des Caisses Rurales d’Epargne et de Prêt. UNACREP offers short and long-term loans alongside microcredits for its members, collecting deposits, savings from members and clients, while building member capacity. Credit facilityThe ABC Fund offers a credit facility to UNACREP which then uses the proceeds to further scale its agricultural portfolio. This investment helps UNACREP reach underserved smallholder farmers and cooperatives in that country, which makes up 70% of the employment in turn contributing 30% of the country’s GDP. The ABC Fund, a blended-finance impact fund, provides catalytic financing to underserved yet profitable segments of agribusiness value chains in developing countries.

Source: The North Africa Journal November 06, 2021 09:08 UTC