Fidelity bank banner UBA banner
African SMEs set to benefit from $74m funding facility

By News Express on 03/03/2018

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 542

•AGF’s CEO, Felix Bikpo
•AGF’s CEO, Felix Bikpo

The African Guarantee Fund for Small and Medium-Sized Enterprises (AGF) on Friday entered into a re-guarantee transaction of an amount of up to $74 million with GuarantCo to increase its guarantee capacity for SME financing. SME’s have a large and growing impact on GDP in emerging markets and are a key source of job creation. Strengthening Africa’s infrastructure is critical for development as it is through this that African countries become more competitive at a global level. With this increased capacity, AGF will be able to support larger local currency transactions for SMEs involved in infrastructure.

Over the past six years, AGF has led the guarantee market in Africa by issuing financial guarantees to a tune of $690 million. This has enabled its partner financial institutions to issue loans estimated at $729 million to about 7,600 African SMEs. GuarantCo is part of the Private Infrastructure Development Group, (PIDG), and is a global guarantee fund that has issued over $900 million of guarantees since inception in 2005 with a mandate to enable local currency finance for infrastructure.

While commenting on the GuarantCo AGF partnership, Felix Bikpo, AGF’s Chief Executive Officer, stated: “AGF is glad to be joined by GuarantCo in bridging the infrastructure financing gap. This partnership aims to put in place an even stronger collaboration that will work on the entire value chain of infrastructure projects in Africa. We are looking forward to supporting other SMEs that work with key players in the infrastructure sector.”

Lasitha Perera, GuarantCo’s Chief Executive Officer said: “We are delighted to be able to partner with the African Guarantee Fund and increase support to SMEs active in the infrastructure sector in Africa. This collaboration between two local currency focussed guarantors offers the potential for us to engage local financial institutions and investors in financing the entire value chain in an African infrastructure project.”

The transaction will enable AGF and GuarantCo to explore further partnership opportunities of working together in contributing towards economic growth in Africa.

 

Source News Express

Posted 03/03/2018 05:37:19 AM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

 

You may also like...
Senator seeks life insurance for NYSC members

Civil Society condemns policemen for shooting UNIOSUN students;...

Suspects’ escape: Kogi Police Commissioner sacked with immediate...

68.5M people displaced worldwide: UN

SABMiller launches empowerment scheme for South East youths...

NCAA, FAAN, Bristow speak on helicopter that crashed...

Groups accuse Obiano of discriminating against non-Catholics

2015: Buhari will beat Jonathan convincingly in Bayelsa,...

Gunmen kidnap popular musician in Yenagoa, kill 37-year-old...

Buhari sacks DGs of health agencies

Manchester United confirm Louis van Gaal as new...

BREAKING NEWS: FG reveals names of the 21...

 

Latest News Pastor, wife die in Imo flood Osun rerun polls: PDP, APC in crunch battle for 3,498 votes Leah Sharibu’s mother, others sue IGP, AGF, 2 others •Demand N500m and Leah’s release Saraki to PDP delegates: Save Nigeria from collapse with your votes Rumble in Kogi over N4.3bn alleged looted fund Married man kills pregnant mistress after she refused to get abortion Police invite whistleblower over alleged N2.5bn fraud by Aisha Buhari’s detained ADC PDP Convention will unite and prepare it for victory in 2019 — Okowa 2019: APC releases approved mode of primaries for all states and FCT Ghana closes 400 Nigerian businesses Kebbi politicians buying dangerous weapons for thugs: Police World leaders laugh at Trump during UNGA speech

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (397,633 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (377,366 views) Shameless Genevieve Nnaji exposes breasts in public (309,212 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (251,083 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (232,841 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (221,873 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (200,532 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (182,088 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (166,172 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (163,615 views) Lagos plane crash: Journalist releases victims’ names (158,509 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (147,151 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (63) Business & Economy (3,631) Business Verdict (52) Columnists (933) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (548) Features (653) Global Business Monitor (301) International (2,438) Interview (165) Live Commentary (28) Love Matters (145) News (39,163) Opinion (1,111) Pidgin (11) Politics (6,764) Religion (873) Sports (1,708) Stock Watch (34) AMA & Al Jazeera Global Update

 

NLNG Expression of Interest banner

CBN banner

Firstmobile banner

 

 

NEWS EXPRESS TV

Anthony Joshua vs Alexander Povetkin: Highlights

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement