AgDevCo Injects USD 7.2 M Into EFAfrica Group To Boost Equipment Leasing For African Farmers

Specialist agricultural investor AgDevCo has made a USD 7.2 M follow-on investment into its portfolio company EFAfrica Group (EFAG), an equipment leasing firm supporting small and medium-sized enterprises and farmers across Africa.

EFAG, which operates in Kenya, Tanzania, and Zambia, helps over 1,500 entrepreneurs access vital assets such as trucks, tractors, and other agricultural machinery. These are tools that many cannot finance through traditional banks due to a lack of collateral or formal credit histories. Typical lease values range from USD 10 K to USD 80 K.

The new capital, structured as a long-term loan, will enable EFAG to expand into larger leases for agribusiness corporates and farming service providers, further strengthening rural economies.

AgDevCo’s investment director John Jakobsson said the deal supports “sustainable economic growth in rural areas and regional food security.” EFAG COO Nicomed Bohay added that the partnership empowers businesses to accelerate agricultural transformation through mechanisation across East and Southern Africa.