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Nairobi, Kenya: The African Guarantee Fund for Small and Medium sized Enterprises (AGF) has completed its USD 35million acquisition of Guarantee Fund for Private Investments in Africa (GARI). The process that began in April 2014 has been approved by the Central Bank of West African Economic and Monetary Union (WAEMU) and will culminate in AGF’s acquisition of 80.56 percent of the outstanding shares of GARI.
GARI was incorporated as an initiative of international development organizations - namely French Development Agency (AFD), European Investment Bank (EIB), Deutsche Entwicklungsgessellschaft (DEG), Secrétariat d’Etat à l’Economie (SECO).
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