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News Coverage

18/11/2017
AGF Holds a Ground Breaking Ceremony in West Africa

In December 2015 the African Guarantee Fund for Small and Medium Enterprises (AGF) completed its first external growth operation with a USD 35 million acquisition of Guarantee Fund for Private Investments in Africa (GARI FUND). This strategic acquisition was made in order to accelerate AGF’s presence across the continent, strengthening its already robust pipeline, resulting in a real Pan-African guarantee fund. Furthermore, AGF acknowledges the high importance of the Economic Community of West African States (ECOWAS).

To further cement GARI’s integration into the AGF Group, AGF was pleased to host a series of activities took place from November 15 – 17, 2017. For the first time since the start of the integration process, the Board Directors of the AGF Group convened in Lomé. The week culminated with a groundbreaking ceremony on the land on which AGF will build its Regional Headquarters, presided over by the Honorable Prime Minister Komi Sélom KLASSOU. Also in attendance was the Minister of Finance and Economy, the Honorable Sani YAYA, other honorable ministers and stakeholders.

In his address to guests, AGF Group’s Chief Executive Officer Mr. Felix BIKPO referenced the needs and potential of the SME sector in Africa. “The challenge of developing SMEs is even more critical in African countries whose economic fabric consists almost exclusively of SMEs and micro-enterprises,” he said. “This economic fabric should provide our economies with growth trajectories that will create stable jobs for our youth and thereby contribute to significantly reducing the level of poverty.”

Mr. Franck ADJAGBA, GARI Fund’s Managing Director also addressed the gathering, highlighting AGF’s commitment to the West Africa region. He said, “The construction of the new premises of GARI Fund will help the AGF Group to strengthen its presence in West Africa and we will continue to work for the engine of economic growth in Africa - that is the SMEs – with the financial institutions partners.” Also present at the press conference were members of the media.

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