The German Federal Ministry for Economic Cooperation and Development (BMZ) has announced a grant of USD 12 million to support investment companies working in various agricultural fields in the states of eastern Sudan: Gedaref, Kassala, and Port Sudan.
The project, which is headed by Moaz Osman of the African Enterprise Challenge Fund (AECF) seeks to fund 60 crop farming and livestock farming alongside the renewable energy project.
Out of all the above projects, 50 of the projects will get grants of between 50,000 and up to 250,000 US dollars while 10 projects will receive between 250,000 and up to 750,000 US dollars as said by Osman. The investors who would be receiving the funds must be registered businesses in Sudan and must have engaged in investing for not less than 2 years within the agricultural field.
“The project launched in April, and will continue until July 15. Companies that apply will undergo screening by economic experts. Those meeting the criteria will receive funding upon signing a financing agreement, ensuring support throughout the project’s implementation”, Osman said at the Sudan SME Catalyser event in the Ugandan capital, Kampala that was hosted by AECF and Sudan’s 249 Startups where BMZ revealed the grant.
“AECF’s partner, 249 Startups, is responsible for training, guidance, and capacity building,” He continued, remarking that while the grant is non-refundable, the evaluation and supervision of the projects during the first year of implementation “would be handed over to the donor organization and its partners. If a project shows signs of failing, further grant instalments will be halted.”
