One Acre Fund receives $5 million facility to assist E. Africa farmers
Calvert Impact Capital, the mission-driven investor dedicated to creating a more equitable and sustainable world has announced the closing of a $5 million loan to One Acre Fund, a non-profit social enterprise that supplies financing and training to support smallholders in East Africa.
Calvert Impact Capital is lending to One Acre Fund to purchase agricultural and clean energy products, which will be provided to farmers on credit. Over the next three years, One Acre Fund expects to reach more than one million farmers, pilot programs in new countries, and scout out several other country locations in Asia and Africa.
Most small-scale farmers do not have access to credit, high-quality seed & fertilizer, agricultural training, and fair market prices. One Acre Fund's unique services were developed by working directly with farmers in the communities in which they operate.
Their approach is a cost-effective and scalable way to help improve the lives of farm families across East Africa.
"Smallholder farmers need improved access to high-quality inputs, financing, and agricultural training to achieve food security and prosperity in their homes," said Jenya Shandina, senior manager at One Acre Fund. "Our partnership with Calvert Impact Capital will enable us to deliver services to more farmers, helping create futures of big harvests, healthy families, and rich soils."
"This is a great opportunity for us to increase our exposure to the sustainable agriculture sector and strengthen our relationship with One Acre Fund, an organization with deep sector and regional expertise," said Songbae Lee, Director of Investments at Calvert Impact Capital. He added, "We are excited to provide capital to enable them to expand the products they can offer to communities and increase their impact on the ground."