Bank of America has invested $5 million in the Agri-Business Capital Fund.
The Agri-Business Capital Fund, managed by Bamboo Capital Partners, is an impact fund investing in smallholder farmers and small-to-medium sized rural agribusinesses in developing countries. The fund has so far made around 20 investments in nine countries – Benin, Bolivia Burkina Faso, Côte d’Ivoire, Ecuador, Ghana, Kenya, Mali, and Uganda.
The Fund was initiated by the International Fund for Agricultural Development and is currently funded by investments from the EU, the Organization of African, Caribbean and Pacific States, the Luxembourg Government and the Alliance for a Green Revolution in Africa, and IFAD.
Dan Letendre, Managing Director, Environmental, Social and Governance, at Bank of America said: “The ABC Fund is unlocking capital to build a more sustainable agricultural sector and meet the needs of rural farmers. The Fund will help to address the impacts of climate change on rural farming as well as drive more innovation in the sector to help meet the United Nations Sustainable Development Goals. Through this investment, Bank of America is supporting higher rural employment and access to inclusive business opportunities, and a more sustainable agribusiness today and for the future.”