SMEs: African Guarantee Fund and BGFIBank sign a €50 million portfolio guarantee line

The African Guarantee Fund Group and BGFIBank Group signed in Libreville, a portfolio guarantee line for a total amount of 50 million Euros, intended to cover credits allocated to SMEs.

This new agreement will enable the BGFIBank Group, which is present in several financial sectors and has a strong pan-African presence through its various subsidiaries, to accelerate access to financing for SME clients, a real lever for the development of African economies.

The Managing Director of the African Guarantee Fund Group, Mr. Jules NGANKAM, declared: « The AGF Group and the BGFIBank Group have been working together for eight years and this new agreement is a testimony of our will to continue to support SMEs, which are major players in job creation in Africa. Moreover, we consider women’s entrepreneurship as a pillar of economic growth. Thus, thanks to the AFAWA Guarantee for Growth program, implemented by AGF in partnership with the African Development Bank, BGFIBank Group subsidiaries will support women entrepreneurship SMEs with more advantageous conditions.

The Chairman and CEO of BGFIBank Group, Mr. Henri-Claude OYIMA, said Henri-Claude OYIMA, said: « For the BGFIBank Group, this partnership is in line with the ambitions of our DYNAMIC 2025 Enterprise project which advocates, among other things, financial inclusion, which implies the increase of the SME segment in the global credit portfolio. As a vector of development and added value for the African continent, the growth of a solid and prosperous SME fabric constitutes an opportunity for us, and inevitably requires the implementation of synergies between reference partners in order to overcome the challenges posed by the financing of this specific clientele. The partnership we are entering into today with AGF opens a new era in many respects.