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
-
Niger Tightens Firearms Regulations Amid Rising Security Threats
20:52
-
Chad Seeks to Cut Fuel Imports with Algeria Refinery Deal
20:48
-
South Africa Plans $121 Billion Rail Overhaul to Revive Declining Network
20:32
-
Africa Re Posts 50.62% Rise in 2025 Net Profit to $199 Million
20:12
-
Ahmed Rostom’s Wuilt Simplifies Online Business Creation Across Africa
17:55
-
Botswana Tech Fund Debuts $67.5 Million Vehicle for Southern African Startups
17:54
-
Burkina Faso Prioritizes Tech Sovereignty in Talks with Italian Investors
17:52
-
IT Specialist Mohammed Ouahabi Disrupts Algerian Healthcare with Nafsia
17:50
-
Cameroon Commissions First Private Solar Mini-grid Under Energy Compact
14:35
-
Togo sets up national lab to enforce food safety standards
13:49
(EBID) - EBID aims to allocate nearly 41% of its commitments to projects with environmental and...
Mobile phones have become essential tools for work, education, payments and staying connected across...
Ecobank Transnational Incorporated asked shareholders to vote on a $500 million Tier 2 Eurobond...
Africa produces what it doesn’t consume, and consumes what it doesn’t produce. That stark line captu...
Funding part of $250 million raise to boost investor confidence Fintech expands services, pr...
Niger adopts draft decree to regulate firearm acquisition, possession, and use New framework introduces stricter controls, traceability requirements,...
Chad and Algeria sign agreement to study a 20,000 bpd refinery project Chad continues to import large volumes of refined products despite crude output...
South Africa plans to invest $121 billion in rail modernization by 2050. Freight demand exceeds current rail capacity by over 100 million tonnes...
Nigeria increases local solar panel manufacturing capacity from 120 MW to 300 MW. Authorities target import substitution and rural electrification...
CANAL+'s film arm backs a ZAR 300-million feature rooted in South Africa's anti-apartheid music movement. Production kicks off June 29 in Cape Town,...
Burkina Faso launches “SORA” university series filming in Ouagadougou 25-episode project explores student life challenges and...