The FASA Fund is a project jointly announced by the U.S. Agency for International Development and the Norwegian Development Cooperation at the U.N. General Assembly in September last year to provide low-interest loans to solve the financial difficulties of small and medium-sized African agricultural companies.Both institutions
have created and operated a fund of $70 million and about 97.2 billion won in our money, 35 million dollars each.
KOICA will invest more than $1.25 million over the next five years to help build additional resources.
KOICA expects this to benefit 500 agribusinesses and 1.5 million tenant farmers in the African region over a decade and create 60,000 local jobs.
In addition, the agreement is expected to expand its global influence and strengthen its network with major donors by having decision-making power over major funds.
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