Growing resilience and opportunity in African agriculture.

Agriculture employs the majority of Africans, yet it remains critically underfinanced. While there is capital in the system, much of it does not reach the farmers, agribusinesses, and innovators who could turn resilience into sustainable growth. These same groups are highly exposed to climate shocks, making timely and targeted investment vital.

At the Africa Finance and Sustainability Investment Conference (AFSIC) 2025, I moderated the panel “Farming the future: Unlocking climate finance for agriculture”, which explored how climate finance can practically support productivity and resilience in African agriculture. The session brought together a diverse group of panellists: Désiré Dzilan (WIC Gestion), Nijhad Jamal (Equator VC), Francisco Marques (IFAD), Lilian Oyando (Goodwell Investments), and Ashish Patel (Aavishkaar Capital), each bringing a distinct perspective from across Africa’s investment landscape in food and agriculture.

The discussion was refreshingly candid, with panellists moving beyond theory to share what’s actually working to connect climate finance with real productivity gains on African farms.

From capital to impact: Closing Africa’s agricultural finance gap

The panel emphasised the persistent financing gap for African agriculture and the importance of connecting climate finance with on-the-ground realities.  For example, IFAD via its Private Sector Financing Programme (PSFP) mobilises private investment to tackle structural bottlenecks across rural value chains, including post-harvest stages.

We heard a shared frustration: capital exists, but it often stops short of the farmgate. The next leap forward will come from translating finance into real productivity through irrigation systems, storage, and processing that turn resilience from theory into output.

Innovation as the engine of resilience

As Ashish Patel of Aavishkaar Capital pointed out, investors habitually separate the goals of inclusion, growth and resilience, the real challenge is integrating these goals into a single strategy. Technology, data, and innovative business models can support the integration of resilience and commercial sustainability.  

One area that emerged in the discussion was the importance of an enabling policy environment, alongside appropriate forms of capital. Panellists pointed to India’s experience, where public investment in post-harvest infrastructure such as grain storage has reduced market volatility and made agricultural value chains more attractive to private investors. The conversation also highlighted that organisations at different stages of growth require different kinds of finance: early ventures need flexible, risk-tolerant capital, while mature agribusinesses benefit more from longer-term, scalable debt.

Inclusion that multiplies returns

The conversation reinforced that inclusive approaches are not just “nice-to-have” elements, they enhance resilience, strengthen communities, and improve the long-term viability of investments.  

During the discussion, Desiré Dzilan reflected on how inclusion drives both performance and resilience, pointing to ventures like Mburu in Senegal as examples of how targeted capital can help women-led agrifood SMEs expand, create jobs, and strengthen local value chains. This illustrated how gender-smart investing can move beyond social impact to become a source of competitiveness and sustainability for the sector as a whole. Initiatives like this underscore that inclusion can successfully be embedded into core investment strategies rather than treated as a separate objective.

Rethinking finance for the missing middle

Many promising agri-enterprises need working capital rather than equity, yet they often struggle to access simple loans. Structures such as concessional tranches, guarantees, or pooled facilities can make debt financing more accessible while remaining attractive to private investors. 

As Lilian Oyando of Goodwell Investments explained, private capital is already driving measurable change in post-harvest efficiency and logistics, where productivity is most often lost. Through flexible instruments such as convertible debt and growth-stage equity, Goodwell’s portfolio companies, including Souk Farms and Tomato Jos, are showing that commercial models can scale impact while staying grounded in profitability.

GIF itself deploys blended finance solutions that combine grants, debt, and equity to de-risk investments and bridge this “missing middle”. By reducing early-stage risk and pairing capital with tailored advisory support, GIF helps ensure finance reaches inclusive businesses, making lending more effective and scalable.

Partnership as the new infrastructure

Finance alone is not enough. Scaling agricultural investment depends on coordination across the full spectrum of actors, from DFIs and public programmes to private investors, venture funds, and local enterprises. The panel reflected this continuum, with perspectives ranging from IFAD’s concessional instruments to GIF’s blended finance and early-stage venture capital from Aavishkaar and Equator. 

The discussion underscored the need for these forms of finance to work in sequence rather than in silos. Too many agribusinesses still fall between the cracks, too large for concessional funding yet too early for commercial debt. Greater alignment among policymakers, funders, and entrepreneurs will be essential to bridge these gaps and unlock scale.

Building the next chapter of climate finance

Despite the challenges, the tone was one of momentum. Investors are starting to value resilience as a core return, not a side benefit. Agritech adoption is rising, blended finance vehicles are maturing, and more African fund managers are shaping the narrative from within the continent. For those of us raising capital for impact, that shift matters. The opportunity in African agriculture is not just to fund farms but to fund the systems that help them thrive.