A new tack in African agriculture
Taking a cue from the nonprofit world, profit-hungry investors are eying Africa in a new way, putting a charitable spin in pursuit of double-digit returns
Taking a cue from the nonprofit world, profit-hungry investors are eying Africa in a new way, putting a charitable spin in pursuit of double-digit returns
Whether it’s making loans for refrigeration trucks serving a fishery in Sierra Leone, or financing an organic cotton undertaking in Uganda, more investment groups are following in the footsteps of grant-making philanthropists as they put their money to work on projects in some of the world’s poorest countries.
“It is the decade of agriculture in Africa. Food security will become the next tradable commodity,” said Soros Economic Development Fund President Stewart Paperin. “You don’t have to swoop in and say I’m going to take all of your crops.
“You can operate in a responsible way and still make money,” he said. “This is just basic blocking and tackling – how you build an economy.”
A number of charitable foundations, including the Rockefeller Foundation and the Bill & Melinda Gates Foundation, have targeted the continent for years with programmes to help improve food production through agricultural upgrades.
