DTB signs IFC funding deal
Diamond Trust Bank (DTB) Group has agreed a deal worth around two billion Kenyan shillings (€17.8 million) with the International Finance Corporation (IFC) that will help boost small and medium-sized enterprises (SMEs).A total of 1.6 billion Kenyan shillings will go to DTB's arm in Kenya, while its operations in Uganda and Tanzania are to receive a trade finance guarantee worth 240 million Kenyan shillings. Commenting on the agreement, Chief Executive Officer of DTB Group Nasim Devji said it will "leverage our ability to provide long-term finance as well as increase our trade finance activities, helping our local SMEs grow and compete in the international marketplace".
DTB - 9.85 per cent of which is owned by the IFC - intends to expand its network across East Africa having recently established a presence in Burundi. By the end of 2010, the bank - which has operated in the region for over 60 years - intends to have 70 branches open in the region, reaching over 100 by 2013.