Empowering Development

ACGF - Afghan Credit Guarantee Foundation

ACGF's mission is to improve access to finance for MSMEs in Afghanistan by providing credit guarantees and Technical Assistance to PFIs such as banks and micro-finance institutions.

In the challenging economic and political environment of Afghanistan, ACGF strategically utilizes its funds in order to create a wide-reaching developmental impact. By improving access to finance for the MSME sector, ACGF’s credit guarantees help promising MSMEs realize their full growth potential, facilitate job creation, and strengthen economic growth.

With strong backing from its Afghan and international stakeholders, ACGF is expanding the scope of its support for the Afghan MSME sector, especially in light of the challenges posed by COVID-19. Leveraging its substantial capital base, ACGF is up-scaling and enhancing the conditions of its credit guarantees and TA activities in addition to implementing a matching grants program to facilitate the systemic growth of the MSME sector in Afghanistan. 

Credit Guarantees for access to finance

Credit guarantees cover a share of the default risk of loans provided by financial institutions to their borrowers. Through close collaboration with its PFIs, ACGF’s credit guarantees incentivize the mobilization of underutilized capital – facilitating a more accessible lending environment for both lenders and borrowers.

Technical Assistance  to expand possibilities 

ACGF’s TA services are dedicated to strengthening the capacity of its PFIs for better, more efficient and accessible coverage of MSME lending. ACGF’s comprehensive TA programs are designed according to the needs of each PFI and are tailored to address each institution’s distinct strengths and weaknesses–making them readily implementable.

Photographer: Reshad Rasooly

ACGF was registered in 2014 as a charitable foundation under the laws of the German state of North-Rhine Westphalia and is considered as participation of the German Federal Government (Bundesbeteiligung). The Afghan Government, supported by the World Bank, is a key ACGF Stakeholder. Since 2018, ACGF has been an official member of the Association of German Foundations (Bundesverband Deutscher Stiftungen) and the Global Network of Guarantee Institutions.

ACGF was established following a decade of successful performance by CGF-A, which was financed by BMZ and USAID. From 2005, the implementation of the CGF-A was carried out by DEG until ACGF took over CGF-A operations from DEG in January 2015

Key Indicators (cumulative as of end of Q1 2021)

approx. NUMBER




net loss

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

Local Impact through Local Presence

ACGF’s key to success lies in the combination of international best practice and local know-how. While ACGF is headquartered in Cologne, Germany, it utilizes expertise from its local subsidiary: SCSA – SME Client Support Afghanistan. From its offices in Kabul and Mazar-i-Sharif, SCSA provides consulting services to ACGF on guarantee operations and TA activities for its PFIs. The professional team of more than 30 employees, including a team of professional MSME bankers and credit guarantee experts, retains an esteemed reputation within the Afghan financial sector.

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