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German Financial institution Offers Extra Funds for SMEs

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German bank provides additional funds for SMEs

The German growth
finance establishment, KfW Growth Financial institution, has supplied further $33 million
funding to the African Assure Fund (AGF).

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Nigeria’s monetary
establishments are anticipated to attract from the funds for the advantages of a few of
the qualifying SMEs of their portfolio.

The contemporary funding, in response to AGF, would catapult AGF’s efforts to allow African SMEs proceed to play their essential function in driving Africa’s financial system.

Felix Bikpo, Group CEO of AGF said: ‘‘This new financing comes at a time when the continent’s SME sector has been singled out as a key driver of development. This now locations AGF firmly on the driving force’s seat because the champion that eases entry to financing for SMEs throughout the continent.

‘‘The African Assure Fund is targeted on its aim to supply monetary ensures for over 10,000 SMEs yearly by way of associate monetary establishments and as a trickle down impact, create 30,000 jobs per yr.

“We’re excited in regards to the confidence our shareholders and companions have in what we’re doing in Africa. This capital injection will go a good distance in guaranteeing that we proceed to make a constructive impression within the continent. Thus far, we have now cumulatively issued greater than USD 1 B value of ensures making accessible about USD 1.7 billion for SME financing by way of our Associate Monetary Establishments. This has led to the creation of greater than 100,000 further jobs.”

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