Addis Ababa, Ethiopia - Members of the Impact Angel Network (IAN) and another U.S. investment group recently signed an agreement to invest into a sesame company based in Addis Ababa, Ethiopia. The investors anticipate that over the next five years, the company will support more than 10,000 small farmers, strengthen the sesame industry in Ethiopia, generate $32 million in export sales and create more than 60 jobs in the manufacturing sector.
“We are excited to participate in the great potential of the sesame industry in Ethiopia, and about the impact this investment will have,” said a member of the network.
The investment, like others the IAN has made into small and medium enterprises in East Africa, is anticipated to have a significant impact in the local economy. U.S. Agency for International Development (USAID), through its Agribusiness Market Development activity, conducted investment research and connected the company to the angel investors which helped make this investment possible. USAID aims to help stimulate the growth of small and medium enterprises in Ethiopia.
This is the IAN’s fourth investment in Ethiopia since 2013, and their fifth investment in the East Africa region.
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The Impact Angel Network (IAN) is the largest U.S.-based angel network for Africa. RENEW is an impact investment firm working in Ethiopia through its partnership with USAID activities. RENEW manages the IAN and provides professional investment advisory and consulting services in support of its investments. USAID’s Agribusiness Market Development activity is the Feed the Future initiative’s flagship program in Ethiopia and represents one of USAID’s largest contributions to the Government of Ethiopia‘s Agricultural Growth Program. The $3.5 billion global hunger and food security initiative sustains the U.S. Government´s commitment as one of Ethiopia’s largest partners in developing the agriculture sector, which is a fundamental cornerstone of the Ethiopian economy.
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