NAIROBI, Kenya, Oct 5 – Family Bank has signed a Sh1.3 billion trade finance facility with the African Development Bank (AfDB) to increase lending to small and medium-sized enterprises (SMEs) and local corporates.
The facility will provide foreign currency financing to support the import trade needs of SMEs and businesses operating in manufacturing, agriculture, healthcare and renewable energy, as well as women-owned enterprises.
AfDB East Africa Director General Alex Mubiru said the agreement reaffirms the bank’s commitment to supporting local businesses and strengthening Kenya’s financial ecosystem.
“This facility will help meet the import trade finance needs of small and medium-sized enterprises and local corporates in Kenya. Importantly, it will also support intra-African trade and contribute directly to the successful implementation of the African Continental Free Trade Area (AfCFTA) agenda,” Mubiru said.
On her part, Family Bank Chief Executive Officer Nancy Njau said the facility would enable the lender to expand financing to micro, small and medium-sized enterprises (MSMEs), which account for more than 80 percent of its customer base.
“This facility strengthens our capacity to scale up lending to MSMEs, which form over 80% of our customer base, while addressing financing gaps that continue to constrain business growth,” Njau said.
“As a Bank, we are committed to ensuring that this financing translates into tangible opportunities for businesses and contributes meaningfully to inclusive economic growth,” she added.
