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07/05/2018
AFRICAN GUARANTEE FUND WINS GLOBAL BANKING & FINANCE REVIEW AWARD FOR BEST FINANCIAL GUARANTEE PROVIDER FOR SMES IN AFRICA

African Guarantee Fund has won the Global Banking & Finance Review Awards for BEST FINANCIAL GUARANTEE PROVIDER FOR SMES IN AFRICA.  Receiving the Award at the London Stock Exchange, AGF’s Deputy Chief Executive Officer – Jules NGANKAM said “We are proud of this recognition but more so proud of the all the Financial Institutions across Africa that continue to use our risk-sharing mechanisms to increase their appetite for SMEs. AGF is confident that properly funded SMEs can help drive the economies of African countries to greater heights.”

Over the past 5 years, AGF has led the guarantee market in Africa by unlocking financing of more than 1.5 Billion USD across 38 countries in Africa via more than 100 financial institutions. About 10,000 SMEs have been supported by AGF guarantees and in turn these SMEs have been pivotal in the creation of more than 80,000 additional jobs.

AGF was recently assigned an Insurer Financial Strength (IFS) rating of “AA-” (Very Strong) by Fitch Ratings. This rating reflects AGF’s financially strong owners, very strong capital position, proven business model as a provider of local currency guarantees for Small and Medium-Sized Enterprises in Africa, and low investment risk.

This is the first time a guarantee fund in Africa has been assigned this status and the second Africa-based Financial Institution to be recognized in this way.

About African Guarantee Fund

African Guarantee Fund for Small and Medium-Sized Enterprises (AGF) is a Pan-African non-bank financial institution founded by the government of Denmark through the Danish International Development Agency (DANIDA), the government of Spain through the Spanish Agency for International Cooperation and Development (AECID) and the African Development Bank (AfDB). Agence Française de Développement (AFD) joined AGF in 2015 followed by the Nordic Development Fund (NDF) in 2016. AGF aims to promote economic development, increase employment and reduce poverty in Africa by providing financial institutions with guarantees and other similar or related financial products specifically intended to support SMEs in Africa.

About GBFR Awards

The Global Banking and Finance Review Awards were created to recognize companies of all sizes that are prominent in particular areas of expertise and excellence within the global financial community. The awards are known throughout the global banking and financial community. They reflect the innovation, achievement, strategy, progressive and inspirational changes taking place within the financial sector.

www.globalbankingandfinance.com

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