To enable the firm cope with challenges associated with the COVID-19 pandemic, the Africa Guarantee Fund (AGF), a non-bank financial institution, has won a $2.5 million investment grant from the USAID-funded West Africa Trade & Investment Hub to help high-potential SMEs in the region, as well as the corporations that finance them.
According to a press release obtained by Nairametrics, the newly received investment, along with $20 million in private equity, will be used to support the COVID-19 Guarantee Facility, which is divided into two parts.
The combined $22.5 million co-investment will allow AGF to absorb higher pandemic-related risks and provide more favorable terms and conditions to its partner financial institutions (PFIs) while staying financially viable.
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