Finance

Kenya: Sidian Bank secures $15mln to settle default risk on SME loans

Monday, 24 January 2022 17:58
Kenya: Sidian Bank secures $15mln to settle default risk on SME loans

(Ecofin Agency) - Kenyan commercial bank Sidian Bank has secured a $15 million guarantee from Dutch Development Finance Fund (FMO) to cover the default risks of the SMEs it finances.

‘Sidian Bank is excited to partner with FMO on this NASIRA program, by allowing customers who have a shortfall on the security required for credit facilities to access much-needed credit. This guarantee facility and technical assistance program will enable the bank to support our clients, young and female business owners, in particular, to meet their growth potential,’ said Chege Thumbi, CEO of Sidian Bank.

This new financing deal comes two years after the Kenyan bank's last operation with the Dutch fund. In November 2019, the company formerly known as K-rep Bank had requested a $20 million credit facility to strengthen its assets and capital.

The facility, which will be provided in local currency, will enable the beneficiary to strengthen its private sector loan portfolio. FMO will also provide technical assistance to enable the bank to develop financial and non-financial services for its clients.

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