(Ecofin Agency) - Standard Chartered Bank Kenya, signed a Ksh3.5 billion ($35 million) funding agreement with Kenya Tea Development Agency (KTDA), a private institution that encourages local tea production.

Signed on May 14, 2019, the loan whose yearly interest rate is 3.6% will help close to 65,000 tea producers as well as owners of processing plants under KTDA’s wing acquire 95,000 tons of inputs. They will thus improve production and increase yields.

In its December 2018 financial report, Standard Chartered Bank indicated that Nigeria, Kenya and Pakistan are its largest markets in terms of revenues in the MENA region. It added that its loans and advances in the region recorded a 1% year on year increase during the period.

Chamberline Moko