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24/10/2017
African Guarantee Fund Promoting Green Growth in the SME Sector

African Guarantee Fund Promoting Green Growth in the SME Sector

The African Guarantee Fund (AGF) believes that the real engine of growth in Africa is the SME sector. With the continuous global discourse around climate change, it is vital that this economic growth be sustainable and environmentally friendly. In 2016, AGF established a Green Guarantee Facility (GGF) with the support of the Nordic Development Fund to enhance access to finance for climate and green growth-oriented SMEs. In addition, this facility includes a capacity development component to build knowledge and capacity of banks in Africa to scale up lending to the green economy.

In light of this, AGF is pleased to announce its participation as Gold Sponsors at the Unlocking Solar Capital Africa conference from October 25 – 26, 2017 to be held in Abidjan, Cote d’Ivoire. As one of the continent’s premier gatherings around the solar energy industry, AGF will be on an important panel session “Navigating Between Risks and Opportunities for Multi MW Projects”.

“The insufficient supply of energy affects all aspects of development including social, economic and environmental, across the continent. Over 645 million Africans lack access to electricity while 700 million lack clean energy cooking options. Improvements in standards of living are manifested in increased agricultural and industrial outputs; the provision of efficient transportation; and adequate shelter, healthcare and other human services; all of which require access to reliable forms of energy,” said Felix BIKPO, AGF’s Chief Executive Officer.

Further to this, the Green Guarantee Facility is expected to bring direct benefits in terms of climate change mitigation and adaptation as well as sustainable employment, poverty reduction and gender opportunity. Following the Paris Agreement which was a result of the COP-21 gathering, contributing to the reduction of CO2 emissions is a shared responsibility of all nations. The Green Finance space offers growing opportunities for contributions from Commercial Financial Institutions (Banks, Private Equity and Venture Capital). No longer is it a preserve of aid-related development, green finance can present opportunities for commercial viability. Africa has the potential to achieve universal access to energy while reducing the carbon intensity of its growth. The continent has enormous solar, hydroelectric, geothermal potential. This translates into opportunities for African SMEs to turn environmental challenges into business opportunities.

 

For more information please contact:

Rehema Kahurananga rehema.kahurananga@africanguaranteefund.com Cell +254 718 930511

 

About the African Guarantee Fund

African Guarantee Fund Officially launched on 1 June 2012, the African Guarantee Fund is a pan-African non-bank financial institution owned by the African Development Bank (AfDB), the Danish International Development Agency (DANIDA) and the Spanish Agency for International Development Cooperation (AECID). AGF’s primary mandate is to assist financial institutions in Africa to scale up their SME financing through the provision of partial loan guarantees and capacity development assistance. In 2016, AGF launched a green guarantee facility aimed at unlocking finance for SMEs investing in low carbon, green growth and climate resilient development.

 

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