Aga Khan Fund for Economic Development

The Aga Khan Fund for Economic Development (AKFED) is the sole for-profit agency of the Aga Khan Development Network (AKDN) and works in partnership with international organizations and governments to stimulate the private sectors of developing economies, with the aim of generating capital for investment into long-lasting and sustainable development initiatives. The agency’s operations include, but are not limited to, industry and tourism. Critical to the development process are goods and services including financial institutions, and infrastructure, such as power generation and communications, which together comprise some of AKFED’s initiatives.

The Aga Khan Development Network (AKDN) was founded and is chaired by Aga Khan IV. The Aga Khan Fund for Economic Development (AKFED) has approximately 150 companies in 15 countries, and employs over 30,000 people. Of these eight, AKFED is the sole for-profit agency, the purpose of which is to build high-performing institutions and to sustain long-lasting development projects in developing regions. The agency works to build infrastructures that support economic development. Its major investments include the Financial Services, Industrial Promotion Services (IPS) and Tourism Promotion Services (TPS). These initiatives span improvements in banking, electricity, agriculture, hotels, aviation, and communications linkages.

AKFED provides a living for millions of people, in particular in the agribusiness sector. For Example, AKFED developed green bean farming in Kenya by providing 50,000 farmers with technical assistance and buying their produce for export to Europe. The company has 2,000 employees, turns a profit, and indirectly provides a living for 500,000 people.

In conjunction with the governments of certain developing countries, AKFED operates to promote the private sector. Through the support of industries, the agency aims to bolster the participation of developing regions in market economies. In addition, essential to sustaining development initiatives is a stable human resource bank from which to draw support. To this end, AKFED provides training in administrative, managerial, and marketing skills with the aim of fostering locally owned enterprises. Where capital is unavailable, the agency provides the initial investment for companies through the use of microloans. As a for-profit organisation, however, AKFED conducts its businesses as a standard employer with ups and downs associated with financial results.

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