Addleshaw Goddard has advised CDC and Norfund on their $70m investment in AgDevCo, the specialist investor in early-stage African agribusinesses, as part of a $90m funding package to promote jobs, incomes and food security in Sub-Saharan Africa. 

The AG team was led by John Coleman and included Chris Taylor, Victor Oderinde, Emma Bullen, Rona Bar-Isaac and Valeri Bozhikov. 

CDC Group and Norfund, the development finance institutions of the UK and Norway, both have a long-term commitment to investing in key sectors in Africa – with an emphasis on creating jobs, supporting sustainable businesses, promoting equality, protecting the environment and supporting those economies that are most vulnerable to climate change. 

AgDevCo was established in 2009, with endowment funding from the UK government, to transform African agribusiness into a thriving sector that benefits people, economies and the environment.

This investment, which sees the US International Development Finance Corporation (DFC) investing $20m alongside CDC and Norfund, will enable AgDevCo to provide investment capital and technical assistance to sustainable businesses right across the agricultural value chain throughout Sub-Saharan Africa. 

CDC's and Norfund's investment is subject to regulatory approvals.

John Coleman said: "We are delighted to have been able to work alongside CDC and Norfund on their joint investment in AgDevCo. This investment is a key part of CDC's and Norfund's strategies to promote sustainable investment in the agricultural sector in Africa and is a clear demonstration of their commitment to promoting economic growth by funding sustainable and impactful businesses.

"As an international law firm with strong commitments to Africa and sustainable investment, it is great to have been able to advise on an important investment that will help create jobs in the vital agricultural sector, promote economic growth, improve climate change resilience and promote gender equality across Africa."