AECF ZW quality demand outstrips funds supply

“The AECF ZW received just short of 600 registrations on their website from interested businesses and over 200 eligible initial applications, many of which were of good quality” reported Mr Corin Mitchell, the Southern Africa Manager of the AECF.

Following an intensive and thorough assessment by the Fund Manager, the AECF ZW Investment Committee met on 25th February 2010 in Harare to assess dozens of high quality initial applications. “What is strikingly clear...” said AECF Director Mr Hugh Scott “is that we have received far more high quality applications than our initial funding for this window can provide for”.

The AECF ZW has an initial funding window of approximately US$4.2m, provided by the Australian Government’s Development Agency; AusAID. With the results and quality of initial applications received, it is envisaged that other development partners will join AusAID, enabling a second round of competition to be run later in 2010, and therefore more high quality business ideas to be funded.

Both Mr Scott and Mr Mitchell believe that there is an opportunity for the AECF ZW to fund a critical number of high quality business ideas in parts of the agribusiness and financial services sectors to stimulate these markets, positively impact on market systems and in so doing, impact on the incomes of rural Zimbabweans.

In the coming weeks, successful short-listed applicants will be invited to submit full business plans for assessment and submission to the AECF Investment Committee.

News & Events