Berlin: The German Federal Ministry for Economic Cooperation and Development (BMZ), in collaboration with KfW, has pledged EUR 15 million as the inaugural contributor to Aqua-Spark Africa, with the fund’s first close anticipated in early 2024. This financial commitment aims to propel the advancement of a sustainable aquaculture industry across the African continent.
In addition to the substantial monetary support, a EUR 1 million technical assistance grant will be provided. The African aquaculture sector has been experiencing consistent growth, yet the demand for affordable and healthy fish continues to surpass the available supply in various regions of the continent.
Aqua-Spark, adopting an impact-driven investment strategy, plans to deploy capital to African entrepreneurs. The objective is to stimulate local economies, generate employment opportunities, enhance the availability of nutritious and cost-effective proteins, contribute to food security, and prioritize sustainability within the expanding aquaculture supply chains.
Martin Hoppe, Head of the Division ‘Food Security, Fisheries’ at the German Federal Ministry for Economic Cooperation and Development, emphasized the crucial role of an environmentally, ecologically, and socially sustainable fisheries and aquaculture sector in transforming food systems.
BMZ is dedicated to promoting sustainable aquaculture in Africa to strengthen food security. The support extended to the Aqua-Spark Africa Fund, totalling up to €16 million, reflects BMZ’s commitment to empowering African aquaculture companies for improved productivity and ecological sustainability.
Lissy Smit, CEO of Aqua-Spark, expressed gratitude for KfW’s involvement as the anchor investor in Africa, stating that it ensures the catalysis of more value-aligned investments in Africa’s burgeoning aquaculture industry. Smit highlighted the abundance of ambitious, impact-focused African entrepreneurs who, with the right long-term investments, can contribute to the development of a healthy, affordable, and sustainable aquaculture industry that supports farmer livelihoods.
