Kenya: AfDB approves $90million for SMEs and trade finance
The intervention will provide affordable credit facility for SMEs and local corporates in Kenya.The African Development Bank (AfDB)'s Board of Directors has approved a $90 million credit line for the growth of Small and Medium Enterprises (SMEs) and trade finance. In the credit facility to Commercial Bank of Africa Limited (CBA) Kenya, $40 million will be channelled to trade finance and transformative sector transactions while $50 million to SMEs and local corporates in infrastructure in Kenya. This intervention which will provide liquidity support to broaden local corporates financing in various sectors, is aimed at improving financial access for businesses and job creation. Access to credit has been a major challenge to expansion of businesses in Kenya. The provision of the credit facility will reduce financial limitations confronting SMEs and local corporates in Kenya by providing affordable credit to businesses.