The U.S. International Development Finance Corporation (DFC) has provided a $9.5 million 10-year loan to Apollo Agriculture, a technology-driven product and financing platform for African small-scale farmers. Apollo Agriculture provides farmers with access to quality agricultural inputs, insurance, and optimized agricultural advice on credit, helping to increase crop yield and build financial and climate resilience. The loan from DFC will enable Apollo Agriculture to expand its operations across Africa, including Zambia, enhance food security, and build climate resilience for small-scale farmers and rural communities.
The $9.5 million 10-year loan from the U.S. International Development Finance Corporation (DFC) to Apollo Agriculture significantly boosts African small-scale farmers. With this loan, Apollo Agriculture can expand its product and financing platform across Africa, including Zambia, which launched in 2022. The loan will also help build climate resilience for small-scale farmers and rural communities, enhancing food security and reducing regional poverty.
The company’s technology-driven approach to farming has empowered over 170,000 farmers, including almost half of the female farmers in the region. The platform provides access to quality agricultural inputs, insurance, and optimized agricultural advice on credit, which helps increase crop yield and build financial and climate resilience.
This loan from DFC represents a significant investment in Africa’s agricultural sector and has the potential to drive economic growth and social development. By supporting Apollo Agriculture, DFC demonstrates its commitment to sustainable investment in developing countries, particularly Africa.
Eli Pollak, CEO and co-founder of Apollo Agriculture, has expressed his excitement about the loan and the company’s mission to enhance food security in Africa. This partnership with DFC will enable Apollo Agriculture to continue to grow and expand its operations, making a real difference in the lives of small-scale farmers in Africa. This loan will significantly impact the region’s agricultural sector and its ability to support economic growth and reduce poverty.
Photo by Sergey Pesterev on Unsplash
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