Sidian Bank gets US$4.6m from AGF for SME loans

KENYA – Financial institution Sidian Bank has secured KSh500 million (US$4.6 million) from African Guarantee Fund (AGF) for onward lending to local Small and Medium Enterprises (SMEs). The bank said the agreement is part of the effort to bridge the financing gap facing SMEs in the country and that the partnership would support the growth of small businesses through the provision of guarantees for the bank’s customer loan facilities. The AGF Loan Portfolio Guarantee will enable Sidian Bank to scale up its lending activities to Small and Medium-sized enterprises through…

Read More

AGF in pact with TADB to boost agribusiness financing in Tanzania

TANZANIA – The African Guarantee Fund for Small and Medium-sized Enterprises (AGF) and Tanzania Agricultural Development Bank (TADB) have signed a Memorandum of Understanding (MoU) that allows the bank to disburse up to US$20 million worth of loans to agribusinesses in the country. The MoU will enable the bank to guarantee SMEs in the agri-value chain in applying directly for loans at the bank. Gracing the event, the commissioner for financial sector development from Tanzania’s Ministry of Finance and Planning, Dr. Charles Mwamwaja, said the partnership was a boon to…

Read More

African Guarantee Fund receives US$20m capital injection from IFU for green SME financing

AFRICA – The African Guarantee Fund has received a capital increase of US$ 20 million from the Danish Investment Fund for Developing Countries (IFU) to facilitate green SME financing in Africa. The capital increase is partially financed by the Danish Government, as part of the Danish “COVID-19 Development Assistance” package. Inclusive of the additional US$20 million, the total Danish investment in AGF amounts to US$71.8 million.   The capital increment into the African Guarantee Fund will increase the Fund’s capacity to unlock financing for Small and Medium Enterprises (SMEs) in Africa. SMEs in…

Read More

Equity Group gets US$75m from AGF to support MSMEs

KENYA – Equity Group has received US$75 million from African Guarantee Fund (AGF) Group to support the bank scale up its lending activities to Micro, Small and Medium Enterprises (MSMEs) in Kenya, Uganda, Rwanda, and the Democratic Republic of Congo (DRC). The financial support will enable these businesses to recover and thrive in the post-Covid-19 era. “This agreement will see that MSMEs can access funding at a much lower cost, especially for women,” said Dr James Mwangi, CEO and Managing Director, Equity Group. According to Henry Rithaa, Chief Executive Officer of Kenya’s…

Read More

AFAWA, AGF invest US$2bn in women-owned SMEs through de-risking and technical assistance measures

AFRICA – The African Development Bank’s Affirmative Finance Action for Women in Africa (AFAWA) program has partnered with the African Guarantee Fund (AGF) to provide US$1.3 to 2 billion loan for women-owned Small and Medium Sized Enterprises (SMEs) in Africa. This move, which will work with financial institutions to enhance their ability to lend to women, signals the launch of AFAWA’s Guarantee for Growth (G4G) program. The program aims to make available up to US$3 billion in financing for women entrepreneurs through de-risking and technical assistance measures. Already, financial institutions…

Read More

AGF’S CEO Felix Bikpo retires as his deputy Jules Ngankam takes over the position

AFRICA – African Guarantee Fund for Small and Medium-sized Enterprises (AGF) Chief Executive Officer (CEO) Felix Bikpo, has decided to retire from his position after a 9-year tenor since its founding.   Pursuant to the recommendation of the shareholders, Bikpo was appointed to serve as Chairman of the Board of Directors as of July 1, 2020. Bikpo was however requested to continue offering his services to the Company in a new capacity as Board Chairman. “My greatest satisfaction is that the financial sector has come to understand the role of…

Read More

African Guarantee Fund receives a US$33m capital injection from KfW Development Bank

AFRICA – Africa’s leading Guarantee Institution, African Guarantee Fund (AGF) has received an additional US$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. “We are…

Read More

Africa Investment Forum kicks off delivering on the promise to strengthen investment opportunities

SOUTH AFRICA – The 2019 Africa Investment Forum kicked off by keeping the promises it made and to move from commitment to action. A US$500 million equity deal presented by the Africa Infrastructure Investment Fund last year, to speed up investments in agriculture, and a US$175 million equity transaction from the Africa Guarantee Fund for investors to support Small and Medium Size Enterprises, are among the transactions that found financial close. The opening ceremony was attended by President Cyril Ramaphosa of South Africa, President Nana Akufo Addo of Ghana, President…

Read More