Japan International Cooperative Agency (JICA), Japan’s governmental agency for official development assistance, on Friday said it has invested $40 million into Aavishkaar Capital’s ‘Global Supply Chain Support Fund’.
The fund will support enterprises across Asia and Africa that develop supply chain solutions in emerging markets.
Aavishkaar Capital will manage the fund and will provide credits to private companies operating in Africa, India, and other emerging parts of Asia. These companies are involved in a variety of international business supply chains, including those in agriculture, food processing, and manufacturing.
JICA’s commitment will aim to support small and medium-sized enterprises whose businesses have significant social and environmental impact.
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Through this investment, JICA will also support Aavishkaar Capital’s expansion into emerging markets of Africa and Asia, after India.
“We are honoured to invest in the Aavishkaar Fund, with which JICA has a long-standing relationship and has achieved significant impact in India. By investing in the fund and entering a new chapter of collaboration with the Aavishkaar Group, we hope to elevate the well-established India-Japan partnership and further strengthen our commitment to impact investment in Africa and Asia,” said Mikio Hataeda, Senior Vice President, JICA.
The Global Supply Chain Support Fund (GSC Support Fund) is set up in partnership with German state-owned development bank KfW and is Aavishkaar Capital’s eighth fund that invests in emerging corporates in the global south. This fund has already made eight investments across Asia and Africa.
“With JICA’s catalytic support, we aim to scale the Global Supply Chain Support Fund’s reach across Asia and Africa, empowering SMEs with growth capital to build resilient-, climate & social Impact aligned – supply chains that can thrive in global markets,” said Monu Jain, Partner, Aavishkaar Capital.
