African Guarantee Fund plans to boost its capital by fivefold to $500 million by 2021. This was reported today May 9 by Reuters which quoted a senior official of the fund whose goal is to help African SMEs secure financing.
“We are in the middle of a fundraising campaign to boost the fund’s capital five-fold to half a billion dollars by 2021,” Adidja Zanouvi, the fund’s managing director for West Africa, said, adding: “We need a lively SME sector to play the role of the economic growth engine.”
This capital increase should be provided by existing shareholders such as African Development Bank (AfDB), the Danish International Development Agency (DANIDA), the Spanish Agency for International Development Cooperation (AECID) and the Nordic Development Fund (NDF).
Let’s recall that the capital of the Mauritius-based Fund is currently approximately $100 million.
Lebara Group is now bringing its affordable and reliable mobile services to Africa, starting with Ni...
Transport and food prices have been climbing steadily across Africa in recent years. In Côte d’Ivoir...
• BOAD releases CFA10 billion ($17.8 million) to support Boungou and Wahgnion gold mines.• Burkina F...
In a West African financial landscape marked by tighter regulation of the fintech sector, digital fi...
• Maritime sector faces renewed risks amid military tensions in the Middle East• Blockade fears at S...
The MTN Nigeria Dabengwa Tier 3 Data Centre is more than just a physical infrastructure project — it’s a foundational investment in Nigeria’s digital...
• South Sudan initiates a $58 million, four-year project to transform basic education nationwide.• The program aims to directly benefit over 300,000...
• Cape Verde reclassified as an upper-middle-income country due to a 16.8% rise in GNI per capita.• Namibia downgraded to lower-middle-income after a...
• Ivory Coast grants two new four-year gold exploration permits to Global Industries Sarl and Rampage Exploration Sarl.• National gold production reached...
The Gerewol tradition is a fascinating ritual celebrated by the Bororo Fulani, a nomadic community primarily located in Chad and Niger. This annual...
In northern Ethiopia, in the Tigray region, lies Axum (also spelled Aksum), an ancient city that once stood at the heart of one of Africa’s most powerful...