African Guarantee Fund and the Kenya National Chamber of Commerce and Industry (KNCCI) formalized a significant Cooperation Agreement aimed at bolstering support for small and medium enterprises (SMEs) across Kenya and beyond. This strategic partnership underscores both organizations’ commitment to fostering sustainable economic development by strengthening the financial and technical ecosystem for SMEs.
AGF, a leading pan-African guarantee and capacity development provider, has been at the forefront of promoting economic development across Africa by offering risk-sharing mechanisms and technical assistance to financial institutions and SMEs. On the other hand, KNCCI, as Kenya’s leading business network, plays a pivotal role in enhancing trade, fostering a favorable business environment, and creating avenues for wealth generation and job creation.
Through this Cooperation Agreement, KNCCI and AGF aim to collaborate on initiatives that will empower SMEs by providing essential technical assistance and organizing events that reinforce financial support for these enterprises. The partnership is structured to establish a framework of terms, conditions, and responsibilities to guide this collaboration, laying the foundation for further agreements that will cement the long-term partnership between the two organizations.
In addition, the Cooperation Agreement will pave the way for joint activities focused on enhancing service provision to SMEs, including technical support to improve financial readiness and increase access to funding opportunities. This is expected to accelerate the growth and resilience of SMEs, ultimately contributing to Africa’s long-term economic stability and development.
Speaking during the signing ceremony, AGF Group CEO Mr. Jules Ngankam said, “Bridging the SME financing gap goes way beyond increased access to finance. Initiatives such as advocacy, economic diplomacy, market linkages, inclusivity, institutional strengthening, networking and mentorship, all which are KNCCI’s focus are very key in driving the growth of SMEs. This partnership is therefore very strategic for us at AGF, as through our Capacity Development program, and in collaboration with KNCCI, we will offer training on digitalization, e-commerce, and sustainable practices, aligning SMEs with evolving market needs, all whilst fostering a robust support ecosystem that equips SMEs with tools for sustainable growth and resilience.”
In his remarks, KNCCI President Dr. Erick Rutto, highlighted the agreement’s potential impact on Kenya’s SMEs: “This partnership with AGF marks a monumental step forward for the Kenyan business community. By empowering SMEs with access to finance and capacity-building opportunities, we are not only supporting local entrepreneurs but also fostering sustainable economic growth that resonates across Africa
The partnership marks the beginning of a new chapter in KNCCI and AGF’s shared vision of economic empowerment for Africa’s SME sector.