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KfW Development Bank, a German bank, is set to empower 10,000 Small and Medium-sized Enterprises (SMEs) with $33 million credit facility.

The German bank designed the initiative to support the African Guarantee Fund (AGF) realise its goal of providing financial guarantees to African entrepreneurs.

This was announced by AGF’s Group Chief Executive Officer (CEO) Felix Bikpo. According to Bikpo, the bank’s funding would enable the group to carry out its initiatives in Africa.

He said that this new injection came at a time the continent’s SME sector had been singled out as a key driver of growth.

[READ ALSO: World Bank picks holes in CBN’s policies on lending, MSMEs loans(Opens in a new browser tab)]

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Bikpo made known that the group would also be partnering financial institutions so as to create 30,000 jobs on a yearly basis.

“We are excited about the confidence our shareholders and partners have in what we are doing in Africa. This capital injection will go a long way in ensuring that we continue to make a positive impact on the continent.

 “So far, we have cumulatively issued more than $1 billion worth of guarantees, making available about $1.7 billion for SME financing through our partner financial institutions. This has led to the creation of more than 100, 000 additional jobs,” Bikpo said.

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[READ MORE: Tony Elumelu Foundation partners UNDP to support SMEs in Nigeria)

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Why this matters: This funding would enable African SMEs to continue to play their critical role in driving Africa’s economy as the AGF platform aims to create easy access to financing for SMEs across the continent.

Speaking further, The Nation reported that Bikpo described the milestones reached by the organization. He disclosed that 20,000 African SMEs had benefitted from the AGF Guarantees, 60% of who are young people across Africa.

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He also said 30% of the SMEs are owned by women, adding that youths and women are demographics that heavily impact Africa’s economy.

About AGF: The AGF 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 AfDB. Other shareholders include French Development Agency (AFD), Nordic Development Fund (NDF), Investment Fund for Developing Countries (IFU) and KfW.

2 COMMENTS

  1. Good afternoon Sir I am Mgbodim Ebubechukwu Valentine I am from Anambara state of Nigeria, I am into production, i do produce house paints but I am doing it in small quantity with my hand please Sir i need your support to buy the machines for the project, help me ten million naira will be enough to buy all that’s needed. I will be paying you back on monthly or in every six month, based on the arrangement of the organizations plan

  2. Young man mgbodim valentine,”YOU ARE WASTING A LOT TIME,TIME IT’SELF IS MONEYit also depend on the level of your education,if your level of education is not deep,go and sees somebody with an university education,a friend or a relation in your community, with your proposal who will do your business analysis for you and free on this basis (1)this is a business entity with it’s potentials and it’s future trends and on your market or your targeted market do you wishes to open alocalpaint shop or a building shop or do you wants to be apaint manufacturer or do you aim to sell in Onitsha as a wholesaler or retailer.i.e WHAT DO YOU WANT ? DO YOU WANT TO BE A SMALL SCALE MANUFACTURER OR A MAJOR PAINT MANUFACTURER (2)WHAT IS YOUR NICHE ?WHAT EDGE YOU HAVE OVER OTHER PAINT MANUFACTURER IN NIGERIA OR YOUR OWN STATE ANAMBRA STATEthere is a paint manufacturer in awka,the capital of Anambra state,which is owned by mr nwangwo from abagana,(3) you ask your friendly business analysis to do a financial on what you are doing now and on what you think you want in future.
    After reading this business anlysis,and you should believe in this business analysis,if you have any doubt ask him/her question,you should be transparent in what you are doing,what machine you wants to buy and where you wants to buy.I SAID IF YOU DO NOT BELIEVE THIS BUSINESS ANALYSIS,NO BANK WILL GIVE YOU ANY MONEY,you must have the passion in what in what to do,if you do not have any faith in yourself,the bank will not have any faith in yourself,ask any you shall have,have faith in yourself,you can borrow a or you can have small sum of 1 million naira from any bank in Onitsha without any security or colaterall,sample opinion with the bank in your bank in your area.i know what I am talking about,i did worked as a young retail banker,and I do have a very young sister,who uses to work with Zenith bank,she does bank loan marketing analysis and marketer for their bank
    Or you maybe patient,once the economy picks up,you can approach some venture capitalist in Nigeria,they will give you some money and will acquires some percentage of you company ownership
    Do not be afraid,you will get atleast 1 million from any bank in Nigeria,be honest with yourself,honest is still the best policy,there is no shot-cut in being rich,work hard and the almighty God will reward you for your hardwork

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