The Africa Enterprise Challenge Fund (AECF) is a special partnership initiative of the Alliance for a Green Revolution in Africa (AGRA). KPMG International Development Advisory Services (IDAS) was the Fund Manager for the AECF (now managed by AECF Limited) from 2008 -2017. During this time, the AECF grew from US $35 million Fund to a large entity managing a portfolio of US $244 million in funds from multiple donors, and the number of projects from a mere 28 projects to 257 projects funded as at December 2016. The AECF was then funded by the governments of Australia, Canada, Denmark, Netherlands, Sweden, the United Kingdom and the International Fund for Agricultural Development (IFAD).The challenge fund sought to harness governments, international policy makers and donors to stimulate private sector development through African entrepreneurs.

By providing grants and non-recourse loans to projects focused on agriculture, renewable energy and adaptation to climate change and access to financial services, the Fund generated innovative and profitable ways of improving how markets work for the rural poor. The AECF was managed through thematic Windows including, Agribusiness, Renewable Energy and Adaptation to Climate Change Technologies (REACT), and the Post-conflict window, among others.