Oikocredit signs new loan guarantee agreement with AGF
African Guarantee Fund for Small and Medium-sized Enterprises (AGF) is enhancing its loan guarantee to Oikocredit by US$ 25 million, bringing its total 10-year loan guarantee to US$ 43 million.
Oikocredit will use the additional guarantee to increase lending to partners across Africa with higher risks, such as small and medium size enterprises (SMEs) and microfinance institutions (MFIs). The guarantee will also support lending to agricultural and renewable energy businesses and cooperatives, including businesses affiliated to women.
In addition, AGF will contribute close to US$ 400,000 as a grant to The Stichting Oikocredit International Support Foundation to strengthen Oikocredit’s work in SME lending.
Hans Perk, Oikocredit’s Regional Director Africa, said: “Working with AGF, Oikocredit wants to double its portfolio in Africa in the coming years, with a specific focus on agriculture, women-led SMEs and renewable energy. We especially welcome AGF’s funding for technical assistance to enhance our own and our partners’ capacity.”
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