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French Development Agency Gives Out Ksh3.7 Billion to Boost SME’s

French Development Agency (AFD) has decided to support small and medium-sized enterprises (SMEs). They have given out Sh3.7 billion to the African Guarantee Fund (AGF).

This fund seeks to improve access to credit by SMEs throughout Africa as well as supporting the risk of financing private investments.

AFD Chief Executive Officer Rémy Rioux and AGF Group Chief Executive Officer Félix Bikpo were the ones who signed the agreement by the two institutions in Paris on November 28, 2019.

After the signing ceremony, Mr Rioux and Mr Bikpo discussed further areas of collaboration in the near future, putting special emphasis on increasing African women’s access to finance through the Affirmative Finance Action for Women in Africa (Afawa) initiative that will be implemented through AGF.

African Guarantee Fund is a non-bank financial institution whose objective is to promote economic development, increase employment and reduce poverty in Africa by providing financial institutions with guarantee products and capacity development assistance specifically intended to support SMEs in the continent.

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Author

Timothy Omondi