• Home
  • Radio
  • TV
  • Advertisement
  • Disclaimer
  • Public Notice
    • Opinion
  • New Africa Business News
  • Contact
  • Log In
facebook
    • News
    • Business
    • Video
    • Entertainment
    • Sport
    • Jobs
    • Government
    • Immigrants
    • Investment
    • Gallery
      • Animal
      • Africa Map
    • NGO
    BREAKING NEWS
    African Energy Chamber Commits to Facilitate Capital Raising for Energy Projects In Africa
    Liberia’s Metieh Glassco – the Director General of Liberia’s Fisheries and Aquaculture Authority (NaFAA) to uphold the 2012 Cape Town consensus
    MDXi Embraces Energy Efficiency and Environmental Sustainability
    South Africa’s Maite Nkoana-Mashabane yelled for Women’s representatives in the enactment of the African Continental Free Trade Area (AfCFTA)
    West Africa Gold Production Expected to Increase by 2.7% in 2021 According to Report
    Sierra Leone’s Ministry of Fisheries and Marine Resources upheld Friendship with Amsoft Technologies to enhance Canoe Registration Web Portal and Portative Application
    N10 Billion filled into the Scholastic realm of Nigeria by Dangote
    African Export-Import Bank (Afreximbank), African Association of Automotive Manufacturers (AAAM) Signs Agreement to Drive Automotive Investment in Africa
    African Union Commissioner disclosed Agriculture is crucial to African Growth
    $200 Million conserved by Rwanda for Continental Export Appropriation, Vincent Biruta Rwanda’s Minister of Foreign Affairs, unearthed

    $30 Million Supports for Africa from the French African Agency to Enhance Credit to SME’s

    Posted On 15 Dec 2019
    By : New Africa Business News, Staff Correspondent
    Comment: 0

    By Abdul Rahman Suagibu –

    US Dollar Notes
    Photo Credit: Clipart Library

    NEW AFRICA BUSINESS NEWS, Freetown, Sierra Leone- FRANCE, The French Development Agency (AFD) is bent on providing $30 Million via the African Guarantee Fund for Small and Medium Sized Enterprises (AGF), in order to accelerate access credit to small and medium sized enterprises (SMEs) throughout Africa.

    AFD Chief Executive Officer – Mr. Rémy Rioux and AGF Group Chief Executive Officer – Mr. Félix Bikpo, validated a sub participation agreement of $30 million in Paris on 28th November, 2019. The sub participation agreement confirmed between duo, will help to widen the mutual unobstructed action between the two parties, by extension offering AGF with a counter guarantee of $30 million, by making proper utilization of the ARIZ risk-sharing mechanism: a support for the risk of financing private investment.

    Details of document expounded that, the risk-sharing mechanism comprised in a final loss guarantee offered to financial institutions by AFD to cover 50% to 75% of an individual loan or a loan portfolio for SMEs and microfinance institutions (MFIs).

    It sufficiently detailed that, through its high ability to earn high returns; this counter-guarantee would improve AGF to extend guarantees of $60 million to local financial institutions, by way of allowing the latter to lend a total of $120 million to African SMEs. It is calculated roughly that such an amount of loans would benefit 1,800 SMEs and support 5,400 jobs.

    Shortly after the validation of the ceremony, Mr. Rioux and Mr. Bikpo discussed further areas of collaboration in the near future. Emphasizes were prioritized 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.

    AFAWA was officially launched at the Global Gender Summit having already received commitment from the Government of France during the Biarritz Summit in August 2019. AFD and AGF are currently exploring different modalities of support for this initiative.

    AGF is a non-bank financial institution, objectively to lift up economic development, increase employment and reduce poverty in Africa by providing financial institutions with guarantee products and capacity development assistance specifically meant to support SMEs in Africa.

    It was 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).

    Other shareholders include; French Development Agency (AFD), Nordic Development Fund (NDF), Investment Fund for Developing Countries (IFU) and KfW Development Bank (KfW). AFD Group funds, supports and accelerates the transition to a fairer and more sustainable world focusing on climate, biodiversity, peace, education, urban development, health and governance.

    It carries out more than 4,000 projects in France’s overseas departments and territories and another 115 countries.

    www.newafricabusinessnews.com
    Africa’s Most Read and Fastest Growing Global Newspaper. Forward to All www.newafricabusinessnews.com  

    For New Africa Business News Abdul Rahman Suagibu Reports,  Africa Correspondent

    Facebook: newafricabusinessnews.com

    Email: Info@newafricabusinessnews.com

     

     

    NEW AFRICA BUSINESS NEWS
    COMING SOON ADVERTISING OPPORTUNITY WITH AFRICA’S FASTEST GROWING GLOBAL ONLINE NEWSPAPER. THANK TO COMPANIES THAT WANT TO ADVERTISE.   INFO@NEWAFRICABUSINESSNEWS.COM.

    About the Author
    New Africa Business News Staff Correspondent
    • google-share
    Previous Story

    Africa Development Bank and African Union Development Agency (AUDA-NEPAD), Mutually consented to promote a Blueprint for a Pan Continental Electricity Network and Market

    Next Story

    First Diamonds from Angola to arrive mid -2020

    Leave a Reply Cancel reply

    *
    *

    Members Area

    • Members Log In

    RECENT

    POPULAR

    COMMENTS

    African Energy Chamber Commits to Facilitate Capital Raising for Energy Projects In Africa

    Posted On 28 Feb 2021

    Liberia's Metieh Glassco – the Director General of Liberia's Fisheries and Aquaculture Authority (NaFAA) to uphold the 2012 Cape Town consensus

    Posted On 27 Feb 2021

    MDXi Embraces Energy Efficiency and Environmental Sustainability

    Posted On 26 Feb 2021

    New Africa Business News, Person of the Year 2020-2021, Goes to Dr. Arikana Chihombori Quao

    Posted On 01 Jan 2021

    New Africa Business News, Africa President of the Year 2020-2021 Goes to Tanzania's John Pombe Joseph Magufuli

    Posted On 01 Jan 2021

    New Africa Business News, REPORTER of the Year 2020-2021, Goes to Richard Adorsu

    Posted On 08 Feb 2021

    Thanks for reading, Africa’s fastest...

    Posted On 28 Feb 2021

    Africa leader in renewable energy. Let's...

    Posted On 28 Feb 2021

    Thanks for reading, Africa’s fastest...

    Posted On 28 Feb 2021

    Facebook

    Latest Posts

    African Energy Chamber Commits to Facilitate Capital Raising for Energy Projects In Africa

    Liberia's Metieh Glassco – the Director General of Liberia's Fisheries and Aquaculture Authority (NaFAA) to uphold the 2012 Cape Town consensus

    MDXi Embraces Energy Efficiency and Environmental Sustainability

    Recent Posts

    • African Energy Chamber Commits to Facilitate Capital Raising for Energy Projects In Africa
    • Liberia’s Metieh Glassco – the Director General of Liberia’s Fisheries and Aquaculture Authority (NaFAA) to uphold the 2012 Cape Town consensus
    • MDXi Embraces Energy Efficiency and Environmental Sustainability
    • South Africa’s Maite Nkoana-Mashabane yelled for Women’s representatives in the enactment of the African Continental Free Trade Area (AfCFTA)
    • West Africa Gold Production Expected to Increase by 2.7% in 2021 According to Report

    Categories

    • Business
    • Education
    • Entertainment
    • Featured
    • Government
    • Immigrants
    • Investment
    • News
    • NGO
    • Obituary
    • Opinion
    • Public Notice
    • Sport
    • Video

    Tag Cloud

    african economy business africa

    Contact Form

    1. Name *
      * Please enter your name
    2. Email *
      * Please enter a valid email address
    3. Message *
      * Please enter message
    Copyright 2019 New Africa Business News, Inc. A Global International Company, Inc. All Rights Reserved.