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GroFin gets US grant to fund agribusiness in East Africa

Published on October 12, 2017

GroFin, a firm that provides financing for small and medium sized enterprises (SMEs), has received a grant from the United States government that will enable it to invest up to Sh1 billion ($10 million) in East African agribusinesses.

The United States Agency for International Development (USAid) in a statement said the funds would benefit SMEs in Kenya, Uganda, Rwanda and Tanzania.

With the money, GroFin will review 200 agribusinesses from which it will draw a smaller pool of enterprises for commercial investment in the form of debt and quasi-equity. While the firm has not disclosed the value of the grant from USAid, it says that under the programme it will invest up to Sh1 billion in the businesses. Read more. Source | Business Daily