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NENARACA (Near East-North Africa Regional Agricultural Credit Association), in cooperation with FAO and CICA (Confédération Internationale du Crédit Agricole) carried out a study on the applicability, advantages and limits of guarantee funds with specific reference to agricultural credit in the Near East and Northern Africa Region. The research was financed by CICA. The co-ordinator of the research team and author of the study is an advisor of Giordano Dell'Amore Foundation. The study covers the following aspects: - a review of the literature on guarantee funds and the best practices for their application; - some international experiences; - the analysis of guarantee funds in four Countries of the NENA Region: Egypt, Jordan, Morocco and Tunisia.