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By Ayub Muiyuro
African Guarantee Fund (AGF) has announced a Green Guarantee Facility aimed at supporting African SMEs whose investments ensure a sustainable growth and resilient development in African economies.
Development of SMEs is one of the principle solutions to the growth challenges faced by African countries.
They are recognized as one of the key drivers of growth and job creation in every modern economy around the world. SMEs account for more than 98 per cent of businesses and two thirds of jobs in developed countries.
Unfortunately, African SMEs are not playing this role because of the constraints that they face, among which, is the noted lack of or inadequate access to financing.
To succeed in such a challenge, all the resources, private or public have to be mobilized to expand the pool of available financing to SMEs.