Databank Financial Services announced that the company has launched Africa Agriculture Fund. The newly established PE firm has been directed to finance Africa’s agricultural industries.
The private equity fund will cater to small and medium businesses in the agriculture industry.
Databank Chairman Ken Ofori-Atta said, “Agriculture is important and we can do all that we want but if we don’t tackle agric and add value, we stand the chance of losing out.”
The fund started with initial capital investment of USD30 million. Currently, the PE firm has now USD6 million more funds to help an company with an initial need of USD250000 and USD4 million in each country.
Databank has other investments in Nigeria including a bakery, a beverage manufacturer in Zambia and a fertilizer plant in Madagascar. The decision was seen to be a strategic move after the bank intended to put their funds in countries around Africa before looking to other territories.
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