Kenya: Fina Bank Signs €3.5 million agreement with IFC
The International Finance Corporation is to grant Sh400 million (€3.5 million) to Kenyan bank Fina to enhance its credit facilities.The International Finance Corporation is to grant Sh400 million (€3.5 million) to Kenyan bank Fina to enhance its credit facilities.
The bank will join IFC's Global Trade Finance Program, which will serve as a platform for building relationships with 500 regional and global banks participating in the program.
"IFC's Global Trade Finance Facility provides credit guarantees that will allow Fina Bank's clients in Kenya to tap into international markets and expand their business," IFC's Director for East and Southern Africa Oumar Seydi told
The objective of this initiative is to help banks deliver trade financing by providing risk guarantees in new or challenging markets where trade lines may be constrained.
Local financial institutions can establish working partnerships with larger international and regional banks, thus broadening access to finance.
The program gives priority support to trade flows that promote critical sectors such as agriculture and energy efficiency, while maintaining strategic focus on SME importers and exporters and trade between emerging markets.