The German Federal Ministry for Economic Cooperation and Development (BMZ) through KfW has committed EUR 15 million ahead of Aqua-Spark Africa’s first close in early 2024. The fund will be dedicated to accelerating the development of a sustainable aquaculture industry on the African continent. In addition, a technical assistance grant of EUR 1 million will be provided.
Africa’s aquaculture industry is growing consistently year-over-year, yet the demand for healthy and affordable fish still far outstrips supply in almost every region of the continent. By deploying capital to African entrepreneurs using an impact-led investment strategy, Aqua-Spark aims to stimulate local economies and create jobs; increase availability of healthy and affordable proteins, thereby contributing to food security; and keep sustainability at the heart of a growing, integrated aquaculture supply chains and foster the implementation of sustainable practices.
“For BMZ, an environmentally, ecologically, and socially sustainable fisheries and aquaculture sector is essential for transformation of our food systems. BMZ is strongly dedicated to fostering sustainable aquaculture in Africa and bolstering food security. This is why BMZ supports the Aqua-Spark Africa Fund with up to €16M, aiming to empower African aquaculture companies for enhanced productivity and ecological sustainability,” said Martin Hoppe, head of the Division 'Food Security, Fisheries' of the German Federal Ministry for Economic Cooperation and Development (BMZ).
“Having KfW as our anchor investor in Africa ensures we can catalyze more value-aligned investment into Africa’s growing aquaculture industry. There’s no shortage of ambitious, impact-focused African entrepreneurs with great traction in their respective markets—what they need now is a long-term investment that centers support for farmer livelihoods and the development of an industry that is healthy, affordable, and sustainable overall,” said Aqua-Spark CEO, Lissy Smit.