Boon for African Small and Medium-Sized Enterprises (SME) as African Guarantee Fund receives USD 33 Million Capital Increase
The African Guarantee Fund is focused on its goal to provide financial
guarantees for over 10,000 SMEs annually through partner financial
institutions
NAIROBI, Kenya, January 9, 2020/ --
Africa’s leading Guarantee Institution, African Guarantee Fund (AGF) (http://www.AfricanGuaranteeFund.com/) has received an additional USD 33M financing from German lender KfW
Development Bank , in a move that will catapult AGF’s efforts to enable
African SMEs continue to play their critical role in driving Africa’s
economy.
This new financing comes at a time when the continent's SME sector has
been singled out as a key driver of growth. This now places AGF firmly
on the driver’s seat as the champion that eases access to financing for
SMEs across the continent.
The African Guarantee Fund is focused on its goal to provide financial
guarantees for over 10,000 SMEs annually through partner financial
institutions and as a trickledown effect, create 30,000 jobs per year.
“We are excited about the confidence our shareholders and partners have
in what we are doing in Africa. This capital injection will go a long
way in ensuring that we continue to make a positive impact in the
continent. So far, we have cumulatively issued more than USD 1 B worth
of guarantees making available about USD 1.7 billion for SME financing
through our Partner Financial Institutions. This has led to the creation of more than 100,000 additional jobs,” says Felix Bikpo, Group CEO of
African Guarantee Fund.
Out of the 20,000 African SMEs from various economic sectors that have
so far benefited from AGF guarantees, the institution is very proud that 60% of these SMEs are owned by youth who are the majority in
Africa today, and 30% owned by women, both being demographics that
heavily impact Africa’s economy.
“Our experience traversing Africa has shown us that Women in Africa are
tenacious entrepreneurs, even though they face a gender financing gap of USD 42 billion. The capital increase from KfW will largely be used to
increase financing of women owned or led businesses. This is in addition to our partnership with the African Development Bank through the
recently launched Affirmative Finance Action for Women in Africa (AFAWA) which currently has a USD 251 million commitment from G7 countries.”
added Mr. Bikpo.
About African Guarantee Fund:
African Guarantee Fund (http://www.AfricanGuaranteeFund.com/) is a non-bank financial institution whose objective is to promote
economic development, increase employment and reduce poverty in Africa
by providing financial institutions with guarantee products and capacity development assistance specifically intended to support SMEs in Africa.
African Guarantee Fund was founded by the government of Denmark through
the Danish International Development Agency (DANIDA), the government of
Spain through the Spanish Agency for International Cooperation and
Development (AECID) and the African Development Bank (AfDB). Other
shareholders include: French Development Agency (AFD), Nordic
Development Fund (NDF), Investment Fund for Developing Countries (IFU)
and KfW Development Bank (KfW).
AGF has a rating of AA- by Fitch Ratings Agency.
Boon for African Small and Medium-Sized Enterprises (SME) as African Guarantee Fund receives USD 33 Million Capital Increase
Boon for African Small and Medium-Sized Enterprises (SME) as African Guarantee Fund receives USD 33 Million Capital Increase
Boon for African Small and Medium-Sized Enterprises (SME) as African Guarantee Fund receives USD 33 Million Capital Increase
Boon for African Small and Medium-Sized Enterprises (SME) as African Guarantee Fund receives USD 33 Million Capital Increase
Boon for African Small and Medium-Sized Enterprises (SME) as African Guarantee Fund receives USD 33 Million Capital Increase
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