AgDevCo has agreed to provide long-term debt funding to a regional leader in the production of grain storage bags in East Africa, known as Pee Pee Tanzania Limited. The company was founded in 1994 and now operates in East and Southern Africa where it employs 750 people who contribute to reducing post-harvest losses. In East and Southern Africa, post-harvest losses for grain are valued at US$1.6bn per year or an estimated 13.5% of the total value of grain production. The debt funding raised is for a new factory to expand manufacturing capacity of storage bags.

AgDevCo is an impact investor specializing in agribusiness investments in Sub-Sahara Africa. AgDevCo’s portfolio consists of over 50 investments in production, processing and distribution. AgDevCo is headquartered in London with representative offices in Zambia, Malawi, Tanzania, Uganda, Rwanda, Ghana and Sierra Leone. Across Sub-Sahara Africa, AgDevCo has invested over $170 million linking over 480,000 smallholder farmers to profitable markets and creating over 11,000 jobs. The debt funding provided was not disclosed.