Nairobi, KENYA: Chase bank has secured sh 5 billion on lending facility from African Development Bank (AFDB) to support its growth strategy in financing small business in the country.
Speaking during a signing ceremony on Wednesday with Mr Gabriel Negatu AFDB regional director Eastern Africa ,chase bank Chief executive officer Paul Njaga said that the new lending facility will be play a critical role in addressing income inequalities by lending to sectors that have been locked out of the credit market.
Njaga said that the SME ‘s are the engine of growth of Kenya’s economy in terms of employment creation and income generation.
“We are therefore delighted by the partnership we have established with AFDB to support clients in this business segment that have traditionally been locked out.”Njaga said.
Njaga added that the funding would go along way in fulfilling the banks commitment to set KSH 60 billion for SME’s financing over the next three years.
AFDB’s regional chief executive officer Gabriel Negatu said that the partnership with chase bank will help contribute towards financial inter-mediation by promoting SME’s access to risk capital as well as enhancing the capacity of entrepreneurship in Kenya.
The new facility will be lent across key sectors of the kenyan economy including business services ,building and construction ,retail ,transport ,communications ,manufacturing and the hospitality industry.