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
-
Algeria Begins Test Runs OnRail Link To Gara Djebilet Iron Ore Mine
10:41
-
Libya’s NOC Outlines Plan to Nearly Double Oil Refining Capacity
10:35
-
Mozambique Launches A National Push To Bridge Its Digital Divide
10:24
-
ECOWAS Urges Grid Interconnection and Regulatory Alignment for Energy Transition
10:13
-
Togo Launches Study to Map Agroecological Practices in Plateaux-Ouest
10:06
-
Togolese Early-Stage Projects Eligible for EU Global Gateway Grants of Up to €2 mln
09:59
-
Time for football and agriculture to meet at the nutrition goalpost (Carl Manlan)
09:47
-
Startup 360 Connect Launched to Strengthen Kenya’s Early-Stage Funding Pipeline
08:34
-
Egyptian Startup Oasys Health Raises $4.6 Million for AI Mental Health Platform
08:29
-
Twelve African Startups Selected for Africa Tech Summit Nairobi Investment Showcase
08:28
Development Partners International sold its 20.17% stake in Atlantic Business International for mo...
Africa’s AI adoption is accelerating, but its ability to scale depends primarily on foundational i...
Africa’s energy & mining exports benefit from US tariff exemptions, cushioning trade as most other...
Ivory Coast expects a new government after the prime minister and cabinet resigned following Decem...
African startups raised about $3.1 billion in 2025, up from $2.2 billion in 2024, accord...
Algeria begins test runs on strategic Béchar-Tindouf-Gara Djebilet railway 950-km line to support iron ore mining, enters service in...
Libya’s NOC plans to raise refining capacity to 660,000 bpd Upgrades and new refineries aim to cut costly fuel imports Plan supports broader...
Mozambique launches World Bank-funded tender to expand telecom access in rural areas Project targets 90% high-speed coverage in 300 underserved...
The African Cup of Nations which is underway in Morocco bears the fruits of grassroots investment and long-term vision. Comoros, Mozambique and Tanzania...
Located at the mouth of the Senegal River, about twenty kilometers from the Atlantic Ocean, Saint-Louis Island holds a distinctive place in the country’s...
Benin considers hosting a pan-African cultural event inspired by FESMAN but plans to use a different name. Culture Minister Jean-Michel Abimbola...