March 19, 2025
Norfund is providing strategic funding to the AFGRI Group (“AFGRI”), a leading agricultural services company in South Africa, to enhance agricultural productivity, create jobs, and improve food resilience.
The strategic funding of 600 million ZAR (approximately 33 million USD / 350 million NOK), will support AFGRI in financing capital expenditures, working capital, and farmer financing.
Impacting tens of thousands of lives
The AFGRI operations support approximately one-third of South Africa’s farmers with a comprehensive range of services, including grain management, agricultural machinery, retail, food processing, animal feed, milling, farmer financing, and insurance.
In 2024 alone, AFGRI supported, both directly and indirectly, nearly 60,000 beneficiaries, aided 121 schools, and created close to 500 jobs, contributing to a workforce that now totals 4,000 employees.
“Agriculture is the backbone of GDP growth, exports, and food security in South Africa. A well-functioning sector is essential for a thriving economy, and this company plays an important role in ensuring its strength and long-term sustainability,”
Simen berger øby, svp at norfund
Expanding across Africa
AFGRI has historically been active on the African continent for many years and is once again expanding into selected African markets outside of South Africa. By adapting its strategy to mitigate climate challenges, the company is reinforcing long-term sustainability in an increasingly volatile agricultural sector.
“We are committed to ensuring farmers have the resources they need to thrive, and with this strategic funding, we can expand our support, drive innovation, and secure the country’s food supply for the future,” says Norman Celliers, CEO of AFGRI.