(Ecofin Agency) - The African Development Bank (AfDB) approved July 11 an additional $10 million in financing to the African Guarantee Fund (AGF) for small and medium-sized enterprises (SMEs) across Africa.

This support will enable the Fund to continue guaranteeing loans, especially to SMES active in renewable energy, housing, health, education, finance, trade and agriculture.

To date, more than 8,600 SMEs across Africa have already benefited from AGF loans. However, there is still room for improvement. According to AGF, financing gap for African SMEs remains high, standing at $155 million, currently.

Chamberline Moko