The U.S. Agency for International Development (USAID) today announced $1.2 million for 10 small and medium-sized agribusinesses to address the economic fallout in emerging markets caused by COVID-19. Feed the Future Partnering for Innovation – a USAID-led program managed by Fintrac that is responsible for building partnerships with private-sector agribusinesses-is working with past partner companies to help them cope with the impact of COVID-19 and remain resilient during and after the pandemic.
The program will help the selected agribusinesses provide essential products and services safely to smallholder farmers amid movement restrictions imposed because of COVID-19 in emerging markets. USAID’s support and funding will help the companies pivot their business strategies and operations by diversifying their product lines, piloting new distribution strategies, launching new marketing campaigns, and more. The selected partners are the following:
As the U.S. Government’s global hunger and food-security initiative, Feed the Future builds partnerships with businesses in developing countries that sell products and services to smallholder farmers to help create more sustainable markets and food systems that reduce poverty and malnutrition. While COVID-19 disrupts supply-chains, small and medium-sized businesses-which provide up to 90 percent of employment and up to 80 percent of food in emerging markets-are being hit the hardest, which is leading to a loss of jobs and income, and, consequently, spikes in poverty and hunger.
In the face of COVID-19 and another potential food crisis, USAID and Feed the Future remain committed to our mission to end global hunger. Partnering for Innovation’s support and financing for small businesses is a part of Feed the Future’s broader effort to sustain our ongoing vital programs while simultaneously adapting and expanding to respond to the evolving challenges posed by the pandemic.
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