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African Guarantee Fund

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Source: African Guarantee Fund |

Framework agreement between African Guarantee Fund (AGF) and Banque Gabonaise et Française Internationale (BGFIBank) Group for an enhanced collaboration in support of Senegalese Small and Medium-sized Enterprises (SMEs)

The purpose of this agreement is to provide a portfolio guarantee to facilitate access to finance for SMEs, with a total cover of 3 billion CFA francs

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We are pleased to announce the strengthening of the BGFIBank Group's partnership with AGF, which shares our vision of developing SMEs in Senegal

NAIROBI, Kenya, October 29, 2024/APO Group/ --

African Guarantee Fund (AGF) (www.AfricanGuaranteeFund.com) and the BGFIBank Group have entered into a framework agreement with the objective of enhancing access to finance for Small and Medium-sized Enterprises (SMEs) in Africa.

On Monday 21 October 2024, the BGFIBank Senegal subsidiary signed a specific agreement with AGF, marking a new phase in this collaboration. The purpose of this agreement is to provide a portfolio guarantee to facilitate access to finance for SMEs, with a total cover of 3 billion CFA francs.

The primary objective is to encourage and facilitate the granting of credit to Senegalese SMEs in general, with particular focus on loans for women entrepreneurs and projects eligible for green financing.

This partnership between BGFIBank Senegal and AGF demonstrates a mutual commitment to fostering the growth of the Senegalese economy through the advancement of SMEs, which are a crucial driver of expansion and employment opportunities in Senegal.

BGFIBank Senegal Managing Director Khady Boye Hanne said:

"We are pleased to announce the strengthening of the BGFIBank Group's partnership with AGF, which shares our vision of developing SMEs in Senegal. This guarantee will facilitate entrepreneurship and assist our customers in executing their projects, while stimulating economic growth in our country."

AGF West Africa Managing Director Bendjin Kpeglo said:

"The facility is designed to drive transformation in the SME sector and provide support to women-led businesses that currently lack access to finance due to structural inequalities and discrimination. The AFAWA Guarantee for Growth programme will enable BGFI Bank Senegal to enhance its existing products for women entrepreneurs. The guarantee will also facilitate sustainable development by providing access to finance for businesses engaged in clean energy, cleaner production, green services, climate-smart agriculture and natural resource management."

A shared commitment to sustainable impact

This agreement reaffirms BGFIBank and AGF’s commitment to supporting entrepreneurial initiatives and contributing to the sustainable development of SMEs through tailored financial solutions.

The signing of this agreement marks a new stage in the financial support of Senegalese SMEs, ensuring a promising future for these businesses.

Distributed by APO Group on behalf of African Guarantee Fund.

Press contact:
Krystel GOUMBA
k.goumba@bgfigroupe.com

Diana Aluga
info.communications@africanguaranteefund.com

About BGFIBank Senegal:
Since 2015, BGFIBank Senegal has positioned itself as a quality financial portal, with the objective of developing a wide range of high-performance products and services in line with this goal.

The bank offers tailored support all its customer segments, including multinational groups, large companies, governments and institutional bodies, SMEs-SMIs and professionals, private customers, salaried individuals as well as traders and the self-employed.

BGFIBank Senegal has a network of 07 branches and is pursuing a strategy of becoming a benchmark bank. This will be achieved by investing in the development of the bank’s range of products and services and by strengthening customer proximity.

Our core values are: Work, Integrity, Transparency, Responsibility and Team spirit.

About African Guarantee Fund:
African Guarantee Fund (AGF) is a specialised guarantee provider whose objective is to promote economic development and poverty reduction in Africa. AGF achieves this by improving access to finance for Small and Medium-sized Enterprises (SMEs) in key economic sectors through a range of guarantee products and capacity-building support. Since its inception, AGF has provided over USD 4.3 billion in SME finance through partnerships with 250 financial institutions across 43 African countries.

AGF is supported by the following shareholders and sponsors: The Government of Denmark through the Danish International Development Agency (DANIDA), the Government of Spain through the Spanish Agency for International Cooperation (AECID), the African Development Bank (AfDB), the French Development Agency (AFD), the Nordic Development Fund (NDF), the Investment Fund for Developing Countries (IFU), the German Development Bank (KfW), the French Private Sector Agency (PROPARCO), the West African Development Bank (BOAD), Global Affairs Canada (GAC), USAID's West Africa Trade & Investment Hub (WATIH), TechnoServe and Norad.

AGF is rated AA- by Fitch Ratings.

For more information, please visit www.AfricanGuaranteeFund.com