ImpactAlpha, August 7 – The non-profit organization, which specializes in small farmer financing, has built a client network of 600,000 farmers in sub-Saharan Africa. It’s loan from Calvert Impact Capital will be used to expand its financial portfolio. Specifically, the capital will be used to purchase agricultural and energy products to then sell on to farmers on credit, similar to how pay-as-you-go solar providers sell their products.
“Smallholder farmers need improved access to high-quality inputs, financing, and agricultural training to achieve food security and prosperity in their homes,” One Acre’s Jenya Shandina said in a statement.
Calvert’s Songbae Lee noted that the loan was an opportunity for Calvert to expand its reach into the agriculture sector. Calvert’s portfolio includes more than $320 million in investments across more than 100 intermediaries, projects and funds, according to its 2017 annual report. The firm has been focused on diversifying its sector exposure, including growth in clean energy and environmental initiatives. Calvert backed the U.S.’s first environmental impact bond in Washington D.C. in April.