UGANDA – Pearl Capital Partners through the Yield Uganda Investment Fund, has invested UGX 4.6bn (US$ 1.2m) in NASECO, Ugandan based producer, processor and distributor of certified seeds in the East African community.
In addition to that, Pearl Capital will provide NASECO with business development support to enhance both the technical and governance facets of the business, to ensure sustainable and prolonged growth and self-sustenance in the future.
Rodeyns Nicolai, NASECO Managing Director said that, “NASECO is delighted to be the new addition to the Yield Fund portfolio, a true partnership turning challenges into opportunities. This investment is tailored to serve the East African farming community by providing the best performing seeds, a cornerstone in food security and in a growing agri-business environment.”
“Focus will be on combining superior seed with good agricultural practices, bridging yield gaps, providing resilience and climate smart options,” stated Rodeyns.
The Yield Uganda Investment Fund is a Euros 20m Agri-social impact investment Fund financed by the European Union (EU) through the International Fund for Agriculture Development (IFAD), Soros Economic Development Fund (SEDF) of Open Society Foundations (OSF), FCA Investments (FCAI) and National Social Security Fund Uganda (NSSF).
The Fund, which has been in existence for three years, is vitalized through the European External Investment Plan through which the EU aims to attract capital into Uganda to foster development in agriculture, trade and industrialization.
Dr. Edward Isingoma, Pearl Capital Partners’ Managing Partner said “We are delighted to partner again with NASECO and expect this investment to provide the impetus needed to drive the business through this growth path further cementing the company as a market leader in the seeds sector in Uganda.”
“I am optimistic of the impact this investment will generate in the rural areas of Uganda where NASECO will significantly expand its seed production thereby improving both food security and smallholder household incomes,” Dr. Edward added.
Being Yield Uganda Fund seventh investment Lakshmi Moola, IFAD’s Country Director, Uganda noted that, “NASECO’s mission to substantially increase the availability and distribution of quality seeds to smallholder farmers in Uganda and East Africa is very much aligned with IFAD’s objective. We look forward to an exciting partnership which should translate in better resilience and yield for smallholder farmers that IFAD is keen to support.”