Nurturing Agricultural Excellence: The ASIGMA-WACU Partnership Story
Summary
The Investment Readiness and Fundraising Program (IRFP) is a strategic internal ASIGMA initiative designed to empower and support brownfield businesses in their journey to become investment-ready and raise debt, equity, and grant financing. IRFP’s primary objective is to equip businesses with the necessary tools and expertise to attract potential investors. The key services offered under the Investment Readiness and Fundraising Program include supporting companies in the preparation of fundraising documents, company – financiers matchmaking as well as deal structuring and negotiation support.
Revitalizing Agriculture through Collective Effort: The West Acholi Cooperatives Union
The West Acholi Cooperative Union (WACU), a cornerstone in Northern Uganda’s agricultural landscape since 1960, epitomizes the power of collective farming. Owned by member farmer groups, WACU champions the cause of over 11,000 smallholder farmers across the Gulu, Amuru, Nwoya, and Omoro districts. Specializing in a diverse range of crops including cotton, beans, maize, soybeans, sorghum, and rice, WACU’s impact extends beyond mere farming. They provide quality inputs, aggregate grains, enhance their value, and market these value-added products across premium markets in Uganda and East Africa.
In 2021, WACU embarked on an ambitious journey to revolutionize local agriculture through the production of Quality Declared Seeds (QDS). The goal was clear – to improve access to high-quality planting seeds for all farmers in Northern Uganda, ensuring availability in local shops at affordable prices. This initiative promised a brighter future for agriculture in the region but faced significant challenges in resource acquisition and attracting external financing.
ASIGMA: The Catalyst for Transformation
ASIGMA stepped in as a beacon of hope. The Investment Readiness and Fundraising Program (IRFP) offered WACU indispensable support in business planning and case development for QDS production, along with resources for fundraising. The business planning phase involved thorough market analysis, business modeling, and revenue projections, validating the feasibility of WACU’s venture.
However, the path to success requires more than just a solid business plan. Recognizing the need for robust internal management and governance, ASIGMA provided vital support in developing and implementing key policies and procedures. This strategic move was aimed at enhancing operational efficiency and building external stakeholder confidence in WACU’s sustainable operations.
Securing a Landmark Investment: The aBi Development Ltd Grant
The meticulous preparation and strategic positioning paid off when WACU’s comprehensive QDS business case captivated potential investors. The climax of this success story was marked by securing a matching grant investment of UGX 492 million (approximately USD 130,000) from aBi Development Ltd under their aBi Green Challenge Fund.
This investment is more than a financial milestone for WACU. It signifies a transformative step towards sustainable agricultural development in Northern Uganda, impacting thousands of smallholder farmers directly and indirectly. Through this partnership, WACU not only strengthens its position as a leader in agricultural innovation but also ignites a brighter future for the region’s farming community.