German development bank KfW Development Bank provided additional financing
from nearly 20 billion FCfa to African Guarantee Fund. This increase in its capital should
propel the efforts of Africa<'s leading guarantee institution to enable African SMEs to > continue to play a critical role in the growth of African economies through their inclusion
financial.
African Guarantee Fund (Agf) announces that it has received an additional $33 million funding (nearly 20 billion FCfa), from the German development bank KfW Development Bank, indicates
a press release.
This increase in its capital should propel the efforts of AGF, the leading guarantee institution in
Africa, in fulfilling its mission, which is to enable African SMEs to continue to play a key role in the growth of African economies through their financial inclusion in
individual.
"This capital increase will go a long way in maintaining our positive impact on the continent.
So far, we have cumulatively issued more than $1 billion in guarantees, putting
provision of approximately $1.7 billion for sme financing through our institutions
financial partners, thus leading to the creation of more than 100,000 additional jobs," a
Felix Bikpo, chief executive of the African Guarantee Fund group, was quoted as saying in the statement.
According to the paper, this new financing comes at a time when the continent
considered a key driver of African growth, now placing African Guarantee Fund,
as the champion institution that facilitates access to finance for SMEs across the continent.
According to the statement, African Guarantee Fund remains focused on its goal of providing
financial guarantees to more than 10,000 SMEs each year through partner
financial institutions and, in turn, to create 30,000 jobs per year.
According to the statement, of the 20,000 African SMEs in various economic sectors that have benefited from
African Guarantee Fund guarantees, 60% of these companies are owned by young entrepreneurs, one
Demographic segment now the majority in the population of Africa, while 30% of SMEs
are led by women.
These two subgroups of the population have a real impact on African economies, which is causing< > pride in the institution.
"Our experience across Africa has shown us that women on the continent are entrepreneurs
tenacious, even though they face a funding gap of $42 billion.
This capital increase of KfW will mainly be used to increase the financing of
businesses owned or run by women.