RENEW is pleased to announce that 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 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.
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.
A sesame facility in Humera, Ethiopia. Ethiopia is Africa's largest sesame producer and exporter.
As a partner of the U.S. Agency for International Development (USAID) and the Feed the Future Agribusiness Market Development program, RENEW conducted investment analysis on the company. This investment would not be possible without the continued support of USAID, which 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.