Evaluation of the African Guarantee Fund and Denmark’s contribution

activities include the provision of guarantees to financial institutions and capacity development support to both lenders and SMEs. AGF was one of five concrete initiatives recommended by the Commission on Effective Development Cooperation with Africa in 2010, and has now been in operation for almos

t 15 years. Denmark was a founding shareholder and has supported the AGF through a combination of shareholder capital, grant financing, and representation on the board. A 2016 evaluation of the results of the Africa Commission included an e