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Main Menu
 * ABOUT ACGFMenu Toggle
   * HISTORY
   * ACGF’s SUCCESS FACTORS
   * GOVERNANCE
 * OUR WORKMenu Toggle
   * CREDIT GUARANTEES
   * TECHNICAL ASSISTANCE
   * DIRECT SUPPORT SERVICES TO MSMEs
   * SPECIAL FOCUS AREAS
   * DONORS & PARTNERS
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EMPOWERING DEVELOPMENT


ACGF - AFGHAN CREDIT GUARANTEE FOUNDATION

ACGF HAS BEEN DRIVING THE DEVELOPMENT OF AFGHANISTAN'S PRIVATE AND FINANCIAL
SECTORS SINCE 2004

ACGF GENERATES MEANINGFUL IMPACT THROUGH INTERNATIONAL BEST PRACTICE AND
COUNTRY-SPECIFIC EXPERTISE

ACGF IS PART OF THE AFGHAN FINANCIAL SECTOR AND ITS SYSTEMIC RELEVANCE IS
RECOGNIZED LOCALLY AND INTERNATIONALLY

> ACGF's ongoing mission is to strengthen the private sector by improving access
> to finance for MSMEs in Afghanistan



ACGF is a charitable foundation aiming at strengthening the private sector by
enhancing access to finance for Afghan micro, small- and medium-sized
enterprises (MSMEs). To this end, ACGF offers credit guarantees and
comprehensive technical assistance (TA) to effectively mitigate risks and to
build capacity of financial institutions for MSME lending. In 2021, ACGF started
direct engagement with MSMEs in Afghanistan with the objective of
delivering assistance beyond traditional financial services through the
provision of grants, entrepreneurship development and support to start-ups.

Credit guarantees as a lending incentive

Credit guarantees have always been at the core of ACGF’s business. Credit
guarantees cover a share of the default risk of loans provided by financial
institutions to their borrowers. Through the extension of credit guarantees to
Partner Institutions (PIs), ACGF aims at de-risking lending operations and
ultimately increasing PIs’ willingness and ability to lend to MSMEs.

Learn More

Technical assistance  to expand capacities

Technical assistance (TA) activities are dedicated to strengthening the capacity
of its PIs for more efficient and more accessible MSME lending. ACGF’s
comprehensive TA programs are tailored to individual PIs taking into account
their institutional strengths and weaknesses. Through ACGF’s TA,
the PIs established MSME credit departments, introduced best practice lending
policies and trained their staff on various hierarchical levels. Furthermore,
ACGF supports the development of credit products, improves credit risk
management and facilitates the conversion to Sharia-compliant lending.

Learn More

Direct support services to MSMEs

Direct support services to MSMEs include grants provided by ACGF to MSMEs to
support the sector by means of stimulating investment in times of crisis. Funded
by the World Bank and KfW, ACGF started implementing a large-scale matching
grants program in 2021 to enhance access to finance for MSMEs that invest in
economically/socially beneficial projects, especially for those affected by the
COVID-19 pandemic. Moreover, ACGF initiated the establishment of a start-up
business incubator in Kabul. While the political developments in Afghanistan in
2021 caused these projects to be put on hold, ACGF has successfully engaged
international donors to obtain new funding for direct support services to MSMEs.
Equipped with invaluable experience from the groundwork for the Matching Grants
program funded by World Bank and KfW, ACGF is once again preparing to provide
direct support services to MSMEs.

Learn More

Special focus areas

ACGF aims at providing inclusive solutions which address key development
challenges and specific needs in the country. Some of its focus areas include
Islamic Finance, COVID-19, gender, agriculture finance, solar finance, and
digitalization.

Learn More

Photographer: Reshad Rasooly



DEVELOPMENTS SINCE AUGUST 2021 

Given the political developments in Afghanistan in 2021, ACGF’s business related
to the issuance of new guarantees, matching grants and start-up support were
temporarily put on hold. While ACGF continued to administer its existing
guarantees, and provided selected TA measures, it also intensively prepared to
resume resume the issuance of new guarantees, new TA projects as well as the
provision of direct support services to MSMEs. ACGF, as a foundation based in
Germany, works with private financial institutions in Afghanistan and is
continuing its activities within the rules of the present sanction’s regimes. To
this end, ACGF actively monitors the environment, closely works with its PIs and
liaises with international organizations. As a result of the ongoing efforts,
ACGF has restructured its existing products, processes and procedures to
appropriately address the changed realities on the ground. Furthermore, the
foundation has successfully raised new funding from the European Union, which
constitutes a solid financial basis for the foreseen issuance of new guarantees,
TA projects and disbursement of grants to MSMEs.


With that said, ACGF is committed to continue serving its mandate in
Afghanistan. Traditionally, credit guarantees are used as counter-cyclical risk
mitigation measure and are, therefore, a key instrument for financial
institutions to address the exacerbated market risks. Moreover, critical
capacity gaps in light of changing market requirements can be closed through
ACGF’s TA activities. Lastly, direct support measures, such as grants provided
by ACGF to MSME can avail the needed finance for struggling businesses,
therefore, overcoming financial market failures and stimulating investments.

The private sector in Afghanistan is crucial to alleviate the evolving
humanitarian and economic crisis and strongly depends on a functioning financial
sector to maintain a critical level of credit supply. Investment by the private
sector is needed to retain jobs, provide income and support livelihoods.
MSMEs can contribute to social cohesion and are a key source of stability.
Therefore, in the current environment, ACGF’s products and services are more
needed than ever to facilitate access to finance and to support the resilience
of the Afghan economy.


KEY INDICATORS (CUMULATIVE AS OF END OF Q4 2021)

approx. NUMBER
OF GUARANTEEs 
Issued 

m

IN USD
approx. OF GUARANTEED LOANS DISBURSED BY PFIS

%

historical
net loss
P.A.

approx. cumulative number of jobs created and retained

%

 of outstanding loans to MSMEs in financial sector backed by ACGF guarantees

%

MSMEs with an increase in revenues and entrepreneurs with increased personal
income


UN SUSTAINABLE DEVELOPMENT GOALS

ACGF contributes to the advancement of the United Nations Sustainable
Development Goals in Afghanistan. ACGF strives to achieve transformational
change by strengthening the financial sector, which provides the MSME sector
with loans, which in turn creates new employment and secures existing jobs.

Poverty in developing countries are reduced by job creation through access to
finance for MSMEs
Agriculture productivity is enhanced by adequate financing for agri-related
MSMEs
Access to finance for MSMEs in the health sector improves health service
delivery in the country
Developing and supporting projects that focus on access to finance for female
entrepreneurs
ACGF aims to increase solar energy financing to enhance clean energy generation
Tens of thousands of jobs are created or supported by easier access to finance
for MSMEs
One aspect of Technical Assistance is to develop projects focusing on
innovations in the financial sector
MSME-financing targets underserved groups in all regions of the country
ACGF’s environmental & social risks management framework, amongst others, helps
to improve hazardous waste/material management.
ACGF's environmental & social risks management framework, amongst others, helps
to avoid, mitigate or minimize adverse environmental and social impacts
Strong support to financial and governmental institutions for equity for access
to finance
Working with national, regional & international actors

CREDIT GUARANTEE FUND AFGHANISTAN

ABOUT

ACGF’s mission is to improve access to finance for MSMEs in Afghanistan by
providing credit guarantees and technical assistance to PIs such as banks,
micro-finance and micro-deposit institutions.

In the challenging economic and political environment of Afghanistan, ACGF
utilizes its funds effectively in order to create wide-reaching developmental
impact.

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