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to help rural entrepreneurs in the agricultural sector access finance to grow their businesses and create jobs for rural people, especially the youth.

Fund to Create Jobs for Rural Youth Launched

By Abdi Ali
Published February 17, 2018

 to help rural entrepreneurs in the agricultural sector access finance to grow their businesses and create jobs for rural people, especially the youth.A fund to help rural entrepreneurs in the agricultural sector access finance to grow their businesses and create jobs for rural people has been launched.

The aim of the fund, known as Agri-Business Capital (ABC), is to generate private sector investment in rural small and medium-sized enterprises (SMEs), farmers’ organisations and smallholder farmers’ groups which often find it hard to access finance from traditional funding institutions.

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“Small and medium-sized enterprises can be an engine for development and offer rural communities a pathway out of poverty and hunger, but only if they can access the resources they need,” said Gilbert F Houngbo, President of International Fund for Agricultural Development (IFAD) that, together with European Union (EU); African, Caribbean and Pacific Group of States (ACP); Government of Luxembourg and Alliance for a Green Revolution in Africa (AGRA), is the brainchild behind ABC that was launched in the Italian capital, Rome, on February 15, 2019.

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IFAD, a specialised agency of the United Nations that also doubles up as an international financial institution with focus on rural areas, estimates that ‘more than half of the 1.2 billion young people in the world live in rural areas. Young people are two to three times more likely than adults to be unemployed. In Africa alone, 10 to 12 million young people enter the job market every year’.

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Luxembourg-based ABC Fund aims to raise 200 million Euros over the next 10 years from which it will provide loans adapted to the needs of SMEs.

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