Excluded Sectors

The eligible operations include: start-ups, scale-ups, modernization, productivity improvement, production capacity improvement, transfer of ownership and restructurings. 

These operations must be carried out by SMEs as defined by the financial service industry in a given country, and operating in any sector with an exception of transactions in the following sectors:

  • Tobacco or tobacco products;
  • Armament productions or where 25% or more of the total production output or turnover of the portfolio company is derived from military related activities;
  • Beverages with an alcoholic content exceeding 15%;
  • Casino or companies where the principal source of income is gambling;
  • Speculative investment in real estate or commodities;
  • Immoral and illegal activities;
  • Production or activities involving harmful or exploitative forms of forced labor and/or child labor;
  • Trade in wildlife or wildlife products;
  • Production or trade in radioactive material, unbounded asbestos fibers, and hazardous chemicals.

All of the projects in which AGF invests must adhere to local and international environmental, social and health and safety standards. For more information on these standards, visit the following sites: