Aga Khan Fund for Economic Development

The Aga Khan Fund for Economic Development (AKFED) "is an international development agency dedicated to promoting entrepreneurship and building economically sound enterprises in the developing world. AKFED focuses on building enterprises in parts of the world that lack sufficient foreign direct investment. It also makes bold but calculated investments in situations that are fragile and complex.

"AKFED operates as a network of affiliates with more than 90 separate project companies employing over 30,000 people, with annual revenues in excess of US$1.5 billion. The Fund is active in 16 countries in the developing world: Afghanistan, Bangladesh, Burkina Faso, the Democratic Republic of the Congo, India, Ivory Coast, Kenya, Kyrgyz Republic, Mali, Mozambique, Pakistan, Senegal, Syria, Tajikistan, Tanzania and Uganda.

"For more than 50 years, AKFED has made investments and operated companies in the developing nations of Africa, South Asia and Central Asia. AKFED seeks to create profitable, sustainable enterprises through long-term investments that result in strong equity positions. This in turn allows AKFED to take a “hands-on” approach by providing managerial and technical expertise. Profits generated by the Fund are reinvested in other economic development initiatives under the AKFED umbrella...

"Its holdings in East Africa include the Diamond Trust Bank, which was founded in the 1930s in Kenya to help recycle local savings into loans for home building and small businesses. It now offers a range of retail banking products. The Jubilee Insurance Group provides insurance across the region. In Pakistan, New Jubilee Insurance and New Jubilee Life offer a range of products...

"The Nation Media Group, founded by the Aga Khan in 1960, has its origins in Kenya’s Taifa and Nation newspapers, which were set up to provide independent voices during the years just preceding the country’s independence. Majority owned and run by Kenyans, the Nation Media Group’s operations include a growing number of English and Kiswahili national newspapers, a regional weekly, and radio and television stations. In recent years, the Group has expanded its operations into Uganda and Tanzania."

It is part of the Aga Khan Development Network.

Related Sourcewatch

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 * Francis Okomo-Okello