Interview with Rasmey Chhun (Investisseurs & Partenaires): Financing agri-SMEs to strengthen agricultural value chains in Africa
The online session of the Agricultural and Rural Finance training programme (FAR Africa) took place from 13 April to 15 May 2026. It brought together 140 professionals representing 118 organisations from 27 African countries. Throughout the programme, internationally recognised experts shared their knowledge and practical experience. Through the FAR Expert Insights series, ADA is making these perspectives available to the wider agricultural and rural finance community, extending the dialogue and knowledge-sharing beyond the programme itself.
About the expert
Rasmey Chhun has worked in private equity for SMEs in Africa for more than eight years, with field experience in countries such as Côte d'Ivoire and Senegal.
Throughout his career, he has managed investments across a range of sectors, including agri-food, healthcare and consumer goods. His experience also includes advising and coordinating capacity-building programmes tailored to the needs of African start-ups and SMEs.
Since December 2024, he is an Investment Manager for the Afrique Entrepreneurs funds at Investisseurs & Partenaires (I&P), an impact investor, where he oversees the entire investment process.
Why is financing agri-SMEs so important for strengthening agricultural value chains in Africa?
Agri-SMEs play a vital role in developing local value chains. They process, package and distribute agricultural products, helping to structure and strengthen the sector. As such, they provide one of the most effective channels for supporting the development of agricultural value chains.
For example, financing a processing business creates reliable market opportunities for hundreds of smallholder farmers upstream. It also helps retain more added value locally by supporting the development of domestic processing industries, rather than relying solely on exports of raw agricultural commodities.
How does I&P support agri-SMEs in practice?
Supporting African SMEs, particularly those operating in the agri-food sector, is at the heart of I&P's mission. Agri-food is our largest sector of investment: with almost 80 companies financed, agri-SMEs account for around 15% of our consolidated portfolio.
We support SMEs at every stage of their development. For very small businesses, this includes capacity-building programmes, entrepreneurship support and investment readiness initiatives.
For SMEs in the start-up or growth phase, we can provide financing through repayable advances or concessional loans. We also make equity investments through a network of local partner funds, including Teranga Capital and Comoé Capital. Finally, for more established SMEs looking to scale up, we invest directly through dedicated vehicles, notably I&P Afrique Entrepreneurs (IPAE).
What are the main lessons you have learned from financing local businesses?
The first lesson is that financing should always be tailored to the maturity of the business. Repayable advances, for example, are a particularly effective instrument for companies that are not yet ready to open their capital to investors.
The second lesson is that financing alone is not enough. Governance and business strategy support as well as technical assistance to strengthen management capabilities are often just as important as the financing itself in determining a company's success.
The third lesson is that supporting agri-SMEs requires time, patience and resilience. Agriculture is inherently exposed to climate risks, seasonal cycles and price volatility, meaning that value creation often takes longer than in other sectors. Investors need to understand these realities, plan accordingly, anticipate risks wherever possible and remain flexible when unforeseen challenges arise.
What good practices could agricultural finance professionals adopt to finance agri-SMEs effectively?
The first is to diversify financing instruments wherever possible or work with qualified partners who can intervene where we cannot. The objective is to provide the financing solution that best matches a company's stage of development and risk profile, rather than applying the same approach to every SME.
Secondly, financing should always be combined with business support. Technical assistance is not an optional extra; it is a key factor in improving performance and ensuring long-term success.
Finally, it is essential to take a value chain perspective rather than focusing solely on the business itself. Financing an agricultural processor, for example, also requires assessing the resilience of its upstream supply base and of its downstream markets. The performance of an agri-SME largely depends on the value chain in which it operates.