As reported in the Tanzania Daily News, the grant is made to14 agribusinesses in the three countries.
The project specifically targets companies or farmers working in the sunflower, soybean, sesame, common beans, potato and sorghum food chains.
Speaking to the source, CRAFT project manager of Tanzania Menno Keizer said, “Co-investment with the private sector is a leading strategy identified by the project. Its main objective is to achieve sustainable results and an increase in the availability and accessibility of climate-resilient food.”
“Through its Climate Innovation and Investment Facility (CIIF), the project will support performance-based investments so as to build the resilience of private sector agribusinesses and service providers in the targeted value chains," he added.
So far, four Tanzanian companies such as Nondo Investors Company Limited, Rogimwa Agro Company Limited, Jackma Enterprises Limited and Mwenge Sunflower Oil Mills are signed agreements worth US$612,874.
The food production in Kenya, Tanzania and Uganda is expected to rise with the help of the project, to provide for the population, which is growing, on an average, by 3 per cent in Tanzania and Uganda, and 2.5 percent in Kenya.
The project aims to promote climate-smart agriculture and related innovations through its work with the private sector and support the public sector partners, who can create opportunities for wide-scale adoption of CSA-practices.
The CRAFT investment will reduce the financial risks of new business ventures, such as the small-medium scale industries, run by women and youth, agribusinesses and cooperatives; by an increase in the level of investment, and private sector engagement in the climate resilient food systems of East Africa.
The CRAFT project is implemented by SNV in partnership with Wageningen University and Research (WUR), CGIAR's research programme on climate change, agriculture and food security (CCAFS), Agriterra and Rabo Partnerships.The project is funded by the Netherlands Ministry of Foreign Affairs.