Tanzanian finance company, which provides SME businesses with equipment leases in local currency without the need for collateral.
AgDevCo has invested $9.5m in EFAfrica Group to fund expansion through a succession of growth phases. AgDevCo’s investment is primarily in the form of equity, to maintain EFTA’s balance sheet strength and to provide core capital for continued expansion beyond existing operations in Tanzania. AgDevCo remains committed to supporting EFAfrica Group’s future growth, including having both AgDevCo representatives and nominees on the various company boards and committees, as well as by providing technical assistance and specialist support.
AgDevCo has supported EFAG with TA for a fraud prevention workshop to increase capacity within the company to prevent and detect business integrity issues and fraud. The workshop will be complemented by a business integrity course developed with TA funding, which EFAG employees will complete.
Funding for the future
AgDevCo's key achievement has been to secure core funding, which enabled EFTA to be fully regulated by the Bank of Tanzania. With EFTA's strengthening balance sheet, further funding is expected to be catalysed. At an operational level, access to equipment has led to a substantial increase in mechanization and productivity, and over 16,000 FTE jobs have been created.
| Investment | Total invested | Start date |
|---|---|---|
| Africado | - | 2019 |
| EFAfrica Group | $9,500,000 | 2015 |
| Pee Pee Tanzania Limited (PPTL) | $2,500,000 | 2020 |