African Guarantee Fund, Orabank Renew Partnership to Support SMEs with $100M
Ugo Aliogo
The African Guarantee Fund Group (AGF), through its subsidiary AGF West Africa, and the Orabank Group have concluded a portfolio guarantee agreement for a total amount of 60 billion FCFA ($100 million), aimed at increasing the financing capacity of the Orabank Group in favor of SMEs through its subsidiaries in West Africa.
A statement made available to THISDAY said the partnership agreement was signed by AGF Group Chief Executive, Jules Ngankam,and Chief Executive Officer of Oragroup, Ferdinand Ngon Kemoum, in the presence of the entire top Management from both institutions.
The statement also noted that the strengthening of the partnership between the two institutions would allow Orabank Group to play a major role in the development of the economies where it operates, by providing a solution to the thorny issue of access to financing for SMEs.
The statement further explained that the partnership is supported by the AfDB’s Affirmative Finance Action for Women in Africa (AFAWA), and would therefore increase financing for women entrepreneurs in the region, and the guarantee would also cover SMEs eligible for green financing.
“African Guarantee Fund Group is committed to working with its financial partners to promote economic development, increase job creation and reduce poverty in Africa by providing guarantee solutions and capacity building support specifically to support SMEs. The Orabank Group is a leading player in the financing of African economies due to its geographical presence, focus on SMEs and financial strength. Our partnership with the Orabank Group will therefore allow us to play our major role in promoting the financing of African SMEs,” NGANKAM said.
On his part, Kemoum welcomed the new partnership with the African Guarantee Fund Group, as a strong symbol of the African SMEs’ development. The fund, which is a powerful illustration of the possible synergies between pan-African groups that share a sustainable and responsible development approach.
According to Kemoum, “This portfolio guarantee will strengthen Orabank’s ability to finance SMEs with innovative solutions adapted to their risk management and development cycle. Moreover, this portfolio guarantee is fully in line with our strategic plan to effectively support SMEs in all aspects of their ecosystem, in line with our pan-African vision to participate in the economic and social development of the private sector in the twelve countries where we have operations.”
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Ugo Aliogo
The African Guarantee Fund Group (AGF), through its subsidiary AGF West Africa, and the Orabank Group have concluded a portfolio guarantee agreement for a total amount of 60 billion FCFA ($100 million), aimed at increasing the financing capacity of the Orabank Group in favor of SMEs through its subsidiaries in West Africa.
A statement made available to THISDAY said the partnership agreement was signed by AGF Group Chief Executive, Jules Ngankam,and Chief Executive Officer of Oragroup, Ferdinand Ngon Kemoum, in the presence of the entire top Management from both institutions.
The statement also noted that the strengthening of the partnership between the two institutions would allow Orabank Group to play a major role in the development of the economies where it operates, by providing a solution to the thorny issue of access to financing for SMEs.
The statement further explained that the partnership is supported by the AfDB’s Affirmative Finance Action for Women in Africa (AFAWA), and would therefore increase financing for women entrepreneurs in the region, and the guarantee would also cover SMEs eligible for green financing.
“African Guarantee Fund Group is committed to working with its financial partners to promote economic development, increase job creation and reduce poverty in Africa by providing guarantee solutions and capacity building support specifically to support SMEs. The Orabank Group is a leading player in the financing of African economies due to its geographical presence, focus on SMEs and financial strength. Our partnership with the Orabank Group will therefore allow us to play our major role in promoting the financing of African SMEs,” NGANKAM said.
On his part, Kemoum welcomed the new partnership with the African Guarantee Fund Group, as a strong symbol of the African SMEs’ development. The fund, which is a powerful illustration of the possible synergies between pan-African groups that share a sustainable and responsible development approach.
According to Kemoum, “This portfolio guarantee will strengthen Orabank’s ability to finance SMEs with innovative solutions adapted to their risk management and development cycle. Moreover, this portfolio guarantee is fully in line with our strategic plan to effectively support SMEs in all aspects of their ecosystem, in line with our pan-African vision to participate in the economic and social development of the private sector in the twelve countries where we have operations.”
