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African Guarantee Fund and Orabank Groups renew partnership to support SMEs in FCFA N60bn agreement

The African Guarantee Fund Group (AGF), through its subsidiary AGF West Africa, and the Orabank Group entered into a portfolio guarantee agreement for a total amount of CFA 60 billion (US$100 million), with the aim of increasing the financing capacity of the Orabank Group. For the benefit of small and medium enterprises through its subsidiaries in West Africa.
The partnership agreement was signed by Jules Ngankam, CEO of AGF Group, and Ferdinand Ngon Kimum, CEO of Oragroup, in the presence of the entire senior management of both organizations.

Strengthening the partnership between the two institutions will allow the Orabank Group to play a major role in the development of the economies in which it operates, by providing a solution to the thorny issue of access to finance for SMEs.
This partnership is supported by the African Development Bank’s Affirmative Finance Actions for Women in Africa (AFAWA) and will therefore increase financing for women entrepreneurs in the region. The guarantee will also cover SMEs eligible for green financing.

The 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 to specifically support SMEs. The Orabank Group is a leading player in financing African economies due to its geographical presence, focus on small and medium enterprises, and financial strength. Hence our partnership with the Orabank Group will allow us to play our main role in promoting financing for African small and medium-sized companies,” said Jules NGANKAM.
For his part, Ferdinand Ngon Kimum, Managing Director of Oragroup, welcomed this new partnership with the African Guarantee Fund Group, as a powerful symbol for the development of African SMEs. Fund, which is a strong example of potential synergies between African groups that share sustainable and responsible development approaches. This portfolio guarantee will enhance Orabank’s ability to finance SMEs with innovative solutions that adapt to risk management and the development cycle. Furthermore, 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 African vision to participate in

Economic and social development of the private sector in the twelve countries where we have operations.

This agreement follows three previous agreements signed between the two financial institutions since 2015, including a portfolio guarantee and two fund-raising guarantees that enabled the Orabank Group to finance thousands of small and medium-sized companies in the countries in which it operates, achieve strong financial performance, and contribute sustainably for the growth of the economies in which the group operates.

About the African Guarantee Fund Group

The African Guarantee Fund (AGF) is a specialized guarantee provider with a mandate to facilitate access to finance for Small and Medium Enterprises (SMEs) to enable them to play their full role in driving economic growth in Africa. To achieve this, AGF provides partial credit guarantees and capacity development assistance to partner financial institutions. To date, AGF has issued guarantees amounting to nearly US$1.8 billion which has unlocked more than US$3 billion in SME financing, through 200 partner financial institutions in 40 African countries.

As a 2X Challenge Eligible Foundation, AGF is committed to supporting women entrepreneurship through the AFAWA Guarantee for Growth Program, which aims to unlock up to $5 billion in financing for businesses owned or led by women by 2026. The AGF also promotes sustainable growth through the AFAWA Program Guarantee for growth. Green Guarantee Facility, to increase access to finance for SME investment in a climate-oriented economy and green growth.

The African Guarantee Fund was established in 2011 by the Government of Denmark (represented by DANIDA), the Government of Spain (represented by AECID) and the African Development Bank (AfDB). Other contributors include the French Development Agency (AFD), the Scandinavian Development Fund (NDF), the Investment Fund for Developing Countries (IFU), the German Development Bank (KfW), Proparco and the West African Development Bank. AGF is also sponsored by Global Affaires Canada and USAID’s West Africa Trade and Investment Center.

AGF is also supported by Global Affaires Canada and USAID’s West African Trade and Investment Center. AGF is rated AA- by Fitch Ratings.

For more information, please visit the website www.agf.africa

About Orabank Group

The Orabank Group is present in 12 countries in West and Central Africa (Benin, Burkina Faso, Chad, Côte d’Ivoire, Gabon, Guinea Conakry, Guinea-Bissau, Mali, Mauritania, Niger, Senegal and Togo) and in four monetary regions (WAEMU, CEMAC, Guinea Conakry and Mauritania).

With 188 bank branches and sales outlets, a management and intermediary company (SGI) and 2,349 employees, the Orabank Group offers more than 770,000 customers (large national and international corporations, small and medium enterprises and individuals) a wide range of banking and financial products and services based on the principles of proximity and responsiveness .

By targeting financial inclusion by deploying innovative solutions, the Orabank Group also focuses on lower-income segments of the population. This commitment is reflected in the Corporate Social Responsibility policy, which is an integral part of its strategy and a priority for its governing bodies, with a focus on the energy transition, environmental and social risk management, and the welfare of the public and its employees.

For more information visit https://www.orabank.net/fr https://reporting.orabank.net LinkedIn, Twitter, Facebook, Instagram and YouTube. Also explore KEAZ, the Orabank Group’s digital platform.

Media inquiries

Auragroup – Communications Manager

Ndi Benita Delphine Ndiaye

+228 92 52 08 04 / +228 99 86 41 44

delphine.ndiaye@orabank.net

AGF – Group Communications Officer

Diana Aluga

+254732148000

Communications@agf.africa

African Guarantee Fund and Orabank Groups renew partnership to support SMEs in FCFA N60bn agreement

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