KOICA Backs African Agriculture With Participation in 'FASA Fund'

The Korea International Cooperation Agency and KOICA have signed a business agreement with the U.S. Agency for International Development and the Norwegian Development Cooperation Agency to participate in the "FASA Fund" to support agricultural development in Africa.

The FASA Fund is a project jointly announced by the U.S. Agency for International Development and the Norwegian Development Cooperation at the U.N. General Assembly in September last year to provide low-interest loans to solve the financial difficulties of small and medium-sized African agricultural companies.Both institutions

have created and operated a fund of $70 million and about 97.2 billion won in our money, 35 million dollars each.

KOICA will invest more than $1.25 million over the next five years to help build additional resources.

KOICA expects this to benefit 500 agribusinesses and 1.5 million tenant farmers in the African region over a decade and create 60,000 local jobs.

In addition, the agreement is expected to expand its global influence and strengthen its network with major donors by having decision-making power over major funds.