Grassroots Business Fund Expands International Presence to Kenya
Friday, August 13, 2010
The Grassroots Business Fund (GBF), whose mission is to build and support high-impact businesses that provide sustainable economic opportunities to millions of people at the base of the economic pyramid, has opened a new office in Kenya as a part of its ongoing global growth strategy. While GBF has been operative across the region for more than two years, the expansion intends to provide greater on-the-ground technical and financial assistance to high-impact businesses in region.
Already, GBF has investments in 10 countries and impacts the lives of 4.2 million people living at the base of economic pyramid.
Harold Rosen, executive director for GBF, said today, “This expansion will accelerate and advance our work with high-impact businesses working in fields such as information technology, energy, agriculture, access to finance and artisanal.” He adds, “We’re reaching further down the economic pyramid to help provide sustainable economic opportunities to millions of people.”
For example, the coffee industry is one of the most important sectors in East Africa, providing economic opportunities to thousands of rural farmers. However, the majority of coffee cooperatives use outdated (often by more than 20 years) and often ineffective processing equipment. This equipment is highly inefficient, resulting in lower quality coffee and higher costs, since it requires more frequent maintenance and repair.