The African Guarantee Fund (AGF), in partnership with the Nordic Development Fund (NDF), has announced a groundbreaking venture covering 75 percent of transaction risks for green field and women-led Small and Medium Enterprises (SMEs) across Nigeria and the broader African continent.
Jules Ngankam, Chief Executive Officer of the AGF Group, unveiled this initiative during the sidelines of the 9th edition of the green finance conference held under the theme: “The Role of Africa’s Private Sector in The Paris Agreement on Climate Change.”
Read also:
- Premier movie of MAKEMATION, an AI movie for the youth
- SEC, SMEDAN collaborate to boost small business access to capital markets
- SMEDAN, Kwara governor discuss joint strategy to support MSMEs nationwide
The conference served as a platform for stakeholders to engage in dialogue and highlight the myriad benefits that Green SMEs can bring to Nigeria’s economy. It also provided insights into AGF’s Green Guarantee Facility, elucidating how it empowers banks to finance green and climate-smart projects.
Ngankam underscored the conference’s significance as a strategic response to climate change challenges, particularly within the framework of National Determined Contributions (NDC). He emphasized the importance of enhancing expertise in Africa and offering practical financing solutions for SMEs committed to green growth and climate-resilient development.
Kenneth Opara, President of the Chartered Institute of Bankers of Nigeria, stressed the pivotal role of the private sector in climate action and job creation, aligning with the objectives outlined in the Paris Agreement.
Titilayo Oshodi, Special Adviser to the Lagos State Government on climate change and circular economy, echoed the need for heightened awareness regarding climate change effects and the inherent wealth generation opportunities within sustainable practices.
Following the conference, a three-day training on Green Finance for Financial Institutions commenced, focusing on the green financing value chain, risk assessment, and regulatory compliance to meet the growing demand for climate adaptation in Nigeria.
The collaboration between AGF and NDF, backed by their commitment to green finance, exemplifies a concerted effort towards fostering sustainable development and resilience across African economies, thereby paving the way for inclusive growth and environmental stewardship.
Discover more from SMALL BUSINESS INSIGHTS
Subscribe to get the latest posts to your email.
