2026.02.26
On February 19, the Japan International Cooperation Agency (JICA) signed a subscription agreement to invest in “Global Supply Chain Support Fund SCSp (GSCSF)” managed by Aavishkaar Capital (part of Aavishkaar Group), a leading impact investing firm based in India.
Founder Vineet Rai of Aavishkaar Group (left), David Ohlig of KfW (center) and Director General Yasui of JICA (right) at the signing ceremony in the acceleration event in Kenya hosted by the Aavishkaar Group
In Africa and emerging Asia, there are significant supply chain vulnerabilities and food security challenges, while SMEs continue to play a crucial role in supporting local economies. By improving access to finance for such enterprises operating in the agriculture, food processing, transportation, and manufacturing sectors, the fund aims to contribute to:
• the development of sustainable supply chains,
• enabling food security through stable food supply, and
• enhanced competitiveness of local industries.
JICA’s investment is expected to serve as a catalyst for mobilizing additional development and private capital, particularly in Africa. It is also anticipated to help facilitate greater Japanese private-sector participation in African markets, thereby generating benefits that flow back to Japanese economy.
The investment is positioned as a project that contributes to the “Indo-Pacific–Africa Economic Growth Initiative,” which seeks to promote Africa’s regional integration and industrial development, and ultimately generate benefits that flow back to Japan.
The project outline is explained below.
・Investee
Global Supply Chain Support Fund SCSp （GSCSF）
・Country (Target Areas)
Africa and Asia region
・Committed Amount
40 million USD
・Project Title
ESG Promotion and Impact Investment Support Project
・Project Purpose
The purpose of the Project is to improve access to finance for small and medium-sized enterprises (SMEs) in Africa and Asia that engage in social and environmental initiatives within various business supply chains—such as agriculture, food processing, transportation, and manufacturing—through an investment in an impact investment fund. This is expected to contribute to the development of sustainable supply chains, enhanced food security, and strengthened industrial foundations in the region, thereby supporting its sustainable economic development.
・Project Component
The investment will be used as a source of funding for SME financing activities conducted by the Africa- and Asia-focused fund (GSCSF) managed by Aavishkaar Capital.
・Contribution to SDGs
Goal 2 (Zero Hunger)
Goal 5 (Gender equality)
Goal 8 (Decent work and economic growth)
Goal 9 (Industry, innovation and infrastructure)
Goal 12 (Responsible consumption and production)
Goal 17 (Partnerships for the goals)
This project is one of the flagship deals of the Impact Investing for Development of Emerging Africa (IDEA) Initiative announced by JICA at the 9th Tokyo International Conference on African Development (TICAD9) side event on August 22, 2025.
Founder Vineet Rai of Aavishkaar Group (left) and then-Senior Vice President Hataeda of JICA(right) handshaking at a TICAD9 side event and announcing JICA’s pre-commitment in investing in the Fund
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