It is an additional $ 10 million that the African Development Bank (AfDB) intends to release to boost AGF, the African Guarantee Fund for small and medium-sized enterprises.
On Wednesday, July 10, the African institution approved this additional investment, which will be used to strengthen and guarantee loans to SMEs on the continent, but also to stimulate the development of private enterprises and the creation of sustainable jobs.
Note that more than 8,600 SMEs across Africa have already benefited from loans guaranteed by AGF, SMEs that have created some 86,510 jobs. Almost 60% of these jobs were created for young people and 30% of them were for women.
As a reminder, the AGF was set up in 2012 by the AfDB, in collaboration with the Danish Ministry of Foreign Affairs and the Spanish Agency for International Cooperation. He was then joined by the French Development Agency and the Nordic Development Fund.
To date, AGF is active in 38 countries, 12 of which are in transition in Africa. It has partnered with 84 financial intermediaries, enabling banks to increase the financing available for SME loans by approximately $ 1.2 billion.
