Finnfund Invests US$2.86 million In Tanzania’s Africado Farm

Finnfund, a development financier company in Finland that provides businesses in developing countries with risk capital, long-term investment loans, and expertise on how to invest in developing markets. It focuses on sectors that are critical to sustainable development such as clean energy, forestry and agriculture.

Agriculture and agribusiness accounts for 32 percent of GDP in Sub-Saharan Africa and employs 65 percent of the workforce. It is the fastest growing sector in Tanzania with an annual average growth between 9 to 12% per annum. Avocado farming improves livelihood of small scale farmers and Africado Limited is one of the large scale cultivators and exporters of the Hass avocado variety which is exported primarily to the EU

Hass cultivar which matures and produces within 3 years is the most commercial avocado generating funds for Tanzanian farmers who are transitioning from banana and coffee beans farming.

Africado, established in 2007 is Tanzania’s first commercial and international grade producer of avocados. The company sits on 137 hectares around the Kilimanjaro area and contracts other commercial and local smallholder farmers.

In December 2012, Africado Ltd and partner company Westfalia Ltd, South Africa was awarded a grant by the TradeMark East Africa Challenge Fund (TRAC) to assist with the construction of a state-of-the-art processing, cold-chain and packaging facility to export avocados grown and packed on site to EU and the Middle East-based customers via Mombasa port.

The company received an international GlobalGAP certification for safe and sustainable agricultural practices. In 2016, its Outgrower Program also became G.A.P. Award winner as the second African company.

Africado has started to expand, develop its operations, and extend its business operations and avocado plantations with the US$2.86 million investment from Finnfund.

More on MTFC:

1 Comment

  • Amafe Kassa

    Hi sir
    I Will like to know more about becouse i geting in to farming