EIB supports East African SMEs with €101 million credit line

Jul 03, 2013

The European Investment Bank (EIB) has approved on June 27th three new lending programmes in East Africa totalling €101.5 million.

The European Investment Bank (EIB) has approved on June 27th
three new lending programmes in East Africa totalling €101.5 million.

Chase Bank, the East African Development Bank and National Microfinance Bank will use EIB's funding to finance small and medium-sized
enterprises
(SMEs).

Growth and investment to explore new opportunities by many companies in the region is currently hindered by challenges getting access to funding, said the EIB in a statement.

The institution believes that these three agreements will contribute both to the long-term development of the East African financial sector, and ensure that more funding is available to private enterprises.

"Access by small and medium-sized business to long-term finance is essential for creating new jobs and economic growth and today marks a new era of European Investment Bank engagement to support private sector investment by small and medium-sized companies across East Africa. This will enable entrepreneurs and established firms to engage investment in new markets and can be expected to contribute to new jobs," said Pim van Ballekom, European Investment Bank's Vice President.ADNFCR-2976-ID-801607347-ADNFCR