EADB announces more credit for SMEs
The East African Development Bank (EADB) is to provide credit to small and medium-sized enterprises (SMEs).It is hoped the move will boost the area's economy as well as encourage such companies to engage in cross-border trade, Business Daily reports.
Many of the businesses that already deal with firms in other countries claim a lack of trade financing and credit guarantors can create challenging conditions.
In a meeting with Director-General of the EADB Vivienne Yeda Apopo, Secretary-General of the East African Community Dr Richard Sezibera said: "The EADB will also strengthen its critical role of providing long-term financial support that will anchor the various components of regional integration."
The organisation hopes this funding will lead to increased employment opportunities among SMEs, as well as spur on economic development and improve lending conditions.
Earlier this year, the EADB signed an agreement with mortgage provider Housing Finance to co-manage a series of large-scale projects and tackle the issue of the property shortfall in Kenya.