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BOI, African Guarantee Fund sign $50m deal to scale up MSME financing


Published on 2024-12-06 06:01:11 - businessday
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  • The Bank of Industry (BOI) and African Guarantee Fund (AGF) have signed a $50 million Loan Portfolio Guarantee framework that will

The Bank of Industry (BOI) and the African Guarantee Fund (AGF) have signed a $50 million deal aimed at enhancing financing for Micro, Small, and Medium Enterprises (MSMEs) in Nigeria. This agreement, signed in Abuja, will see AGF providing partial guarantees on loans issued by BOI to MSMEs, thereby reducing the risk for BOI and encouraging more lending to this sector. The partnership is expected to not only increase access to finance for MSMEs but also support economic growth, job creation, and poverty alleviation. The initiative includes capacity building for both BOI staff and MSMEs, focusing on improving business management skills and financial literacy. This collaboration is part of a broader strategy to foster sustainable development and economic resilience in Nigeria by empowering small businesses.

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