Kenya: Sidian Bank secures $15mln to settle default risk on SME loans
Monday, 24 January 2022 17:58
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.
Chamberline Moko
Live News
-
Benin’s Labor Force Participation Hits 75.68% in 2024, Yet Most Jobs Remain Informal
09:10
-
Burkina Faso Drafts New Labor Code, Caps Fixed-Term Contracts at Two Renewals
08:56
-
Solar Platform Candi Secures $58.5M to Scale Decentralized Solar in Emerging Markets
08:36
-
Mauritania’s SOMELEC Signs 3-Year Deal to Ensure Performance of 34 MW Power Plant
08:33
-
Internet Society Togo Launches Pilot Community Network In Atti-Akakpé
08:02
-
Cameroon to Raise Marble and Clinker Export Tax to 10% in 2026
06:50
-
Cameroon’s Meat Output Falls 36% to 172,910 Tons in 2025
06:49
-
Biya Appoints Tsanga Mba Willie to Lead Cameroon’s Port Authority
06:47
-
Cameroon Removes Nearly 6,000 Public Workers in Payroll Cleanup Effort
06:44
-
Guinea Approves $34.5 Million Digital Strategy for Vocational Training
19:12
Vodacom Tanzania launches M-Pesa Global Payments, enabling seamless international transactions thr...
S&P upgrades Zambia to CCC+ as debt talks advance and copper output rebounds. About 94% of $...
Anthropic, Rwanda’s government, and ALX launched Chidi, an AI mentor built on Claude. It wi...
Kossi Ténou succeeds Badanam Patoki as president of the AMF-UMOA. Ténou brings over 20 years of e...
Senegal, BOAD launch Fovas to monetize public infrastructure assets Fund aims to boost financing...
Benin’s labor force participation hit 75.68% in 2024, among region’s highest Over 90% of jobs are informal, with low pay and no protections High...
Burkina Faso adopts draft labor code to limit contract renewals Reform mandates equal pay for temp and permanent workers in same roles Over 90% of...
Candi Solar raises $58.5M from IFC to expand in SA, India Funding supports decentralized solar amid unreliable grids and load-shedding...
Mauritania’s SOMELEC signs 3-year power plant deal with Wärtsilä Agreement ensures Nouadhibou plant performance, expands previous technical support...
Hidden deep within the Arabuko-Sokoke Forest on Kenya’s coast near Malindi, the ancient city of Gedi stands as one of East Africa’s most intriguing...
Orange Egypt and Qatar’s Qilaa International Group have partnered to develop WTOUR, a digital platform offering trip planning, hotel bookings, local...