_1691819563.jpg)
Nairobi, August 11th 2023…. KCB Bank Kenya and Swedish International Development Cooperation Agency (SIDA) have rolled out a Kshs. 1 Billion guarantee scheme that will go towards de-risking SMEs in their efforts to access credit and support their growth ambitions.
The 7-year guarantee facility will enable the bank to strengthen its commitment to financing Small and Medium-Sized Enterprises (SMEs) which continue to experience challenges, especially with access to affordable credit.
Speaking during the signing ceremony, KCB Bank Acting Director of Retail Banking, Michael Kung’u noted that the new instrument will provide much-needed momentum for SMEs to tap into the bank’s expanded portfolio of SME financing options to enable them to contribute fully to the growth of Kenya’s economy.
“We are excited about this new instrument as it offers us the flexibility to work with SMEs and the refugee population in their ambitions to support their entrepreneurial journey. The SME guarantee will therefore go a long way in diversifying the SMEs’ financing resources and reducing collateral requirements, thereby enabling them to play a leading role in achieving economic and social development,” Mr. Kung’u said.
Risk-sharing facilities are a key tool to support knowledge gaps by lenders, broadening their SME lending while mitigating risk and allowing them to build capabilities and track records in serving niche market segments like SMEs and refugees.
“Sweden’s Development Cooperation through the Swedish International Development Cooperation Agency (Sida) aims to create opportunities for better living conditions for people living in poverty and under oppression. This initiative will enable Sweden’s engagement to go beyond the Official Development Assistance (ODA) and focus more on innovative financing approaches to mobilize domestic resources and external private capital to reach the most vulnerable communities in Kenya”, Caroline Vicini, Swedish Ambassador to Kenya said.
The partnership demonstrates the bank’s commitment to SMEs by offering practical and attractive ways for SMEs to access the capital they need to help them grow and prosper.
Bengaluru, India – May 02, 2024 – Agora, Inc.
Gurugram, India – October 11, 2023: Samsung announced exciting offers
Bangalore, 10th October 2023: The Nokia G42 5G (16GB+256G
Bengaluru, October 10, 2023 IN-SPACe (Indian National Space Promotion and
India – April 30, 2024 – Solitario, the premier destination for luxury lab-grown diamo
Mumbai - National, 29th April 2024: Greenply Industries Limited, a pioneer in the interior infrastructu
Bengaluru, 29 April 2024: Zepp Health, a global provider of smart wearables and health technology, has announced the launch o
Kerala / 04-05-2024
Scientists need to check misuse of traditional knowledge: CSIR-NIIST workshop on IPRCorporate / 04-05-2024
CSIR-NIIST opens Innovation Centre for startups Facility to promote tech-driven entrepreneurshipElectronics / 04-05-2024
Samsung to Soon Unveil Galaxy F55 5G with Premium Vegan Leather Finish in IndiaCorporate / 04-05-2024
Manoj Bajpayee Joins the Nand Ghar MovementKerala / 04-05-2024
Kerala startup Alibi Global inks MoU with IIT Bombay Pact enables transfer of Spherical Robot tech for room interventionPelikken © Copyright 2022, All Rights Reserved
