International Award Recognizes Innovative Use of Development Aid in Africa

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The African Guarantee Fund (AGF), which was established as part of the Danish Africa Commission in 2008, was last night awarded the African Banker Awards 2013 in the category of “Financial Inclusion”. The prize was awarded during the annual meeting of the African Development Bank in Marrakech, Morocco. The award is an important acknowledgment of the key role that small and medium-sized enterprises play in fostering growth in Africa and of the potential of public-private partnerships.

The President of the African Development Bank, Donald Kaberuka states:

“The AGF has only been operational for a year but is already showing good results. I am pleased that AGF has been given this award by the African banking community. Access to finance continues to be a major obstacle for financial sector development in Africa. It is paramount that we support small and medium-size enterprises to release the full potential for fostering inclusive growth, job creation and economic development in Africa.”

The Danish Minister for Development Cooperation, Christian Friis Bach, welcomes the award:

 “I am very pleased to see this international recognition of the African Guarantee Fund that was established on recommendation of the Danish Africa Commission, which I had the pleasure to serve on. In a time of economic crisis and recession I believe we increasingly have to think in new partnerships to address development challenges in the 21st century. The AGF is an example of such a new and innovative approach. With the AGF we use development assistance as a catalyst for private sector growth while at the same time promoting social progress and job creation in Africa”.