African SMEs Chest Thumping on $33 Million Capital Increase
January 9th, 2020 – African Guarantee Fund (AGF) 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.
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.
Written by Business Week
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