- Region: Africa
- Country: Tanzania
- Sector: Food and agribusiness
- Year: 2009
- Domicile: Mauritius
- Instrument: Equity and loan
- Commitment (MNOK) as of 31.3.2017: 27.0
- Original Commitment (MNOK): 26.2
Africado is an avocado plantation at the foot of the Kilimanjaro in Tanzania.
Established in 2007, Africado has developed and grown a business from start up to becoming the largest fruit exporter in Tanzania, producing and exporting Hass avocado to the EU. The company works with over 2,000 small scale out-growers. Norfund provided 40% of the equity required for the project.
The farm is generating important export revenues to Tanzania. Avocados were introduced as a new agricultural product that provides sales revenue in an area that previously was dominated by coffee-growing. In view of the global fluctuations in coffee prices, a broader-based industrial structure reduces the vulnerability of the farmers.
The investment in Africado is consistent with Tanzania’s own poverty reduction strategy.
Below is an illustration of development effects from this investment.