African Guarantee Fund wants to help create 50,000 jobs over the next 5 years

Finance
Friday, 11 June 2021 19:28
African Guarantee Fund wants to help create 50,000 jobs over the next 5 years

(Togo First) - The African Guarantee Fund (AGF) announced plans to help create between 30,000 and 50,000 jobs in Togo over the next five years. The plan will be executed to support the Togolese government’s development vision with actions focusing on empowering women and youth.

The announcement was made during the inauguration of AGF's headquarters in Lomé. Welcoming the initiative, Felix Bikpo, AGF’s Chair of the Board said: “the quality of infrastructure and the business environment are the main obstacles to the emergence of SMEs in Africa. But in Togo, the reforms undertaken in recent years have allowed the accumulation of overall good performance in the Doing Business report.”

According to Kayi Mivedor, the Togolese Minister for Investment Promotion, "90% of SMEs/SMIs create jobs at a rate of around 70% and are destined to become large companies.”

As a reminder, AGF is already active in Togo through a partnership with the Mechanism Incentive of Agricultural Financing (MIFA) based on risk-sharing. Thanks to this partnership, AGF is setting up a guarantee fund for the stakeholders of the agricultural value chain.

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