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al 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 almost 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 early assessment of AGF, which found the AGF to be relevant, innovative, and on a promising path, with rapid portfolio growth, strong interest from partner banks, and early indications that participating banks had increased the SME lending portfolio. At the same time, the evaluation noted that AGF was still at an early stage of implementation, and that systematic data on SME-level outcomes, employment effects, fina