Social impact agricultural group, AgDevCo has announced plans to expand into Tanzania by proffering financial benefits to Africado, an avocado manufacturing company based in Kilimanjaro, Tanzania.
As a leading company and pioneer of avocado, Africado grows the products in its two farms and also has an international standard pack-shed. The company exports its high-quality fruits to Europe, and even projects an expansion into China.
“We are pleased to support Africado’s continued expansion. The direct benefits for the local community are clear to see. We believe the company will help drive the development of a viable avocado industry in Tanzania, helping create jobs and bringing in export revenues,” said Sean Carey, Associate Director at AgDevCo.
While AgDevCo is known for its impact on the agricultural sector of African countries like Rwanda and Mozambique, Africado will be a good avenue to penetrate the East African country.
AgDevCo’s investment will allow Africado to grow its operations and widen its production capacity. The CEO of Africado, James Parsons, revealed that AgDevCo’s funding of Africado has enabled Africado to pursue new investment opportunities. In addition to expanding production areas, the company will introduce new avocado cultivars and expand its outgrower programme.
With projects like this, farmers in Kilimanjaro no longer depend solely on coffee production, especially as a result of fluctuating prices. Just recently, FinnFund, a development finance company provided a €2.5 million loan to Africado, as the Tanzanian company looks to make an impact on global avocado production and exports.
AgDevCo ‘s investment in Africado is the first contact the company has made since it signed a $15.4 million partnership with Mastercard Foundation to boost the incomes of smallholder farmers in seven African countries – Ghana, Malawi, Mozambique, Senegal, Tanzania, Uganda and Zambia. The agro investor is committed to investing immensely in the agricultural sector of Africa.