Afghan Growth Finance LLC

United States of America

Last updated 13 May 2020, by Impactyield.

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SEAF established Afghan Growth Finance (AGF) to address the market gap faced by SMEs in obtaining growth capital in Afghanistan. AGF offers a broad mix of financial products coupled with market appropriate support services that enable Afghan entrepreneurs to lower their overall cost of capital and to accelerate their growth. SEAF has leveraged its equity commitment to AGF with a debt investment from OPIC, greatly increasing AGF's ability to provide financing to Afghan SMEs.

SMEs are the foundation of a growing and stable local private sector in Afghanistan. Afghan SMEs make up the greatest proportion of the nation’s employment base and are a vital part of the local economy, providing essential products and services and helping to reduce poverty and mitigate income inequalities. Beyond AGF, access to affordable growth capital for Afghan SMEs is virtually nonexistent. AGF works with SMEs across all sectors, placing special emphasis on agribusiness and processed agro-industry, manufacturing, transport, storage, services and technology. AGF investments target companies that are using inputs available in Afghanistan and adding value to promote domestic production and industry.

Asset class


Fund style

Not listed

Financial description

AGF targets businesses that have been shut out of the commercial banking system and require more capital than what is offered by the microfinance institutions and donor programs. AGF is a full service financial partner helping SMEs realize their entrepreneurial potential.
AGF financial products include: business loans, commercial loans, equipment finance, and working capital loans.

16 years

of track record


the year funded

25,000,000 USD


SDG goals

SDG targets

Equal rights to ownership basic services technology and economic resources

Promote policies to support job creation and growing enterprises

Full employment and decent work with equal pay

Increase access to financial services and markets

Key performance indicators

Fund overview

Asset manager: SEAF

Product track record: Fund has 16 years of track record

Target IRR: 10%

Committed Capital: 25,000,000 USD (US Dollar)

Target return category: Risk-adjusted market-rate of return

Fund domicile:

Product status:


Inception year: 2007

Vintage year: 2007

Target region: , , ,

Target close date: n.a.

Product term: open ended

Assets under management: 25,000,000 USD (US Dollar)

Investment size: Min: 50,000; Max: 2,000,000; Avg: 700,000

Co-investment policy:

Currency of investments:

Currency for fund / product figures:

Fund investments to date: 18

Fund investments to date exited or repaid: 8

Management fee: n.a.

Carried interest: n.a.

Hurdle rate: n.a.

GIIN Investors' Council Investment: No

Limited Partners / Investors: SEAF

Limited Partner / Investor Type: Other Institutional Investors




Phone number: +1 (202) 737-8463

If you wish to have your details removed from this database please email

Mustafa Kazem

Managing Director

Impact Performance


Impact thesis

SEAF tracks the developmental impacts of its investments in SMEs in emerging markets. Through its experience, SEAF has learned that fostering profitable, competitive local enterprises is a fundamental step in achieving sustainable development. Its partnerships with SMEs generate measureable results, increasing employment and wages for workers, creating business opportunities for local suppliers, and improving the quality and availability of products and services for the local community. Through case studies and data collection, SEAF calculates unique metrics on its investments across its portfolio.
SEAF’s analysis shows that for every $1 invested in an SME, an additional $12 in benefits returns to the community through a variety of stakeholders—from employees, suppliers, customers and competitors, to local governments and communities. As these businesses modernize and grow stronger, so do local families and communities. With the stable jobs, growing incomes, and valuable job training provided by SMEs, families can plan for their futures – investing in housing, health care, and education that can end the cycle of poverty and build the foundation for a more prosperous society.

Impact Management


Financial benchmark

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