"It has been a challenging economic year for African Agricultural Capital’s investee businesses. While Africa has in general not been as adversely affected as many developed economies by the global financial crisis, the turbulence caused has created a difficult operating environment for East African business – in particular on exporters. Under the circumstances, I am very pleased that AAC’s portfolio of investees has performed well during the year.

I am also very happy that, for the first time, AAC is reporting a modest net profit. While this profit is significantly due to foreign exchange gains arising from the strengthening of the US Dollar, it is nevertheless a considerable achievement, particularly in light of the difficult economic environment." - Hatim Karimjee, Chairman AAC

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AAC has today completed its Private Placement Memorandum (PPM) for the AAC Fund, a $25m Mauritius-domiciled closed end fund focused on providing capital to Small Growing Businesses (SGBs) operating in the agriculture value chain in East Africa.