Hortfin, a blended-finance initiative for South Africa’s deciduous fruit industry, celebrates seven years of impactful contributions, supporting disadvantaged growers, creating jobs, and fostering economic growth despite facing significant challenges. CEOs and industry leaders cite cooperation and partnerships as key to their successes, with potential for the model to expand into other agricultural sectors.
Hortfin, established in 2018, is a blended-finance initiative aimed at fostering economic development in South Africa’s deciduous fruit industry. Over the past seven years, it has overcome various challenges, focusing on cooperation that has driven significant progress in the agricultural sector, alongside government support. The scheme has emerged as a vital source of financial assistance to previously disadvantaged growers, enhancing industry participation and creating jobs.
Through tailored debt products and post-investment support, Hortfin has facilitated sustainable growth opportunities for first-generation agribusinesses across the value chain. CEO Michael Brinkhuis acknowledged that not all targets were met but expressed satisfaction with the outcomes considering the difficulties faced, including the Covid-19 pandemic and severe logistical challenges. He highlighted the resilience shown by supported businesses amidst these adversities.
Chairman Ronald Ramabulana emphasized the significant risks taken by industry organizations to ensure the continuity of projects during challenging times. The involvement of commercial banks was only possible due to the commitment demonstrated by the agricultural sector, which ultimately encouraged investment in these initiatives.
Najwah Allie-Edries from the Jobs Fund commended the Hortfin model, highlighting its potential for replication in other agricultural sectors. She affirmed the Jobs Fund’s pride in collaborating with Hortfin, noting its substantial impact on transforming the deciduous fruit industry, contributing to economic growth and sustainable practices that benefit future generations.
In conclusion, Hortfin has marked seven years as a pivotal initiative supporting the growth of South Africa’s deciduous fruit industry amid significant challenges. While facing various operational hurdles, the collaboration between industry stakeholders and the innovative financial solutions have enabled the empowerment of disadvantaged growers, demonstrating the importance of partnerships in achieving sustainable agricultural development. This model holds promise for replication across other sectors, fostering further economic transformation.
Original Source: www.fruitnet.com
