Hortfin, a blended-finance scheme launched in 2018, celebrates seven years of significant achievements in South Africa’s deciduous fruit industry. Despite challenges, including the pandemic and logistical issues, the initiative successfully supported emerging growers and businesses, driving economic development and job creation. The collaborative efforts of industry organizations and financial institutions have been pivotal in this success, paving the way for future transformations in agriculture.
Hortfin, a blended-finance scheme focused on South Africa’s deciduous fruit industry, marks its seventh anniversary, showcasing significant achievements despite various challenges. Established in 2018, Hortfin aims to foster economic development by providing essential financial support to emerging, previously disadvantaged growers and businesses within the agricultural value chain, facilitating industry expansion and job creation.
The program offers customized debt products and post-investment support, contributing to sustainable growth for first-generation agribusinesses. Michael Brinkhuis, CEO of Hortfin, acknowledged that while not all initial targets were met, the initiative has positively impacted many businesses despite facing obstacles such as the Covid-19 pandemic, logistics issues, power outages, and extreme weather events.
During a recent event celebrating Hortfin’s progress, Chairman Ronald Ramabulana emphasized that industry organizations have taken significant risks to support these initiatives. He noted, “When the commercial banks saw the commitment from industry and the potential of these projects, they became involved.”
Najwah Allie-Edries, Head of the Jobs Fund, expressed pride in the partnership with Hortfin, asserting its crucial role in transforming the deciduous fruit sector. She remarked that Hortfin has significantly contributed to the prosperity of emerging farmers and revitalized rural areas, leading to economic growth, job creation, and the dissemination of knowledge for future generations.
In summary, Hortfin has made remarkable strides in supporting South Africa’s deciduous fruit industry over the past seven years. Through effective partnerships and targeted financial support, the initiative has fostered growth and resilience among emerging agribusinesses. As the program continues to impact local communities positively, its model stands as a viable template for replication across other agricultural sectors.
Original Source: www.fruitnet.com
