Africado Ltd is an agricultural company that was established in 2007 in Northern Tanzania. 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 funding required by Africado to expand its orchards.
- Sector: Scalable enterprises
- Committment (MNOK): 12.8
- Year: 2009
- Region: Africa
- Country: Tanzania
- Domicile: Mauritius
- Instrument: Equity & Loans
- Status: Active
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.