Standard Chartered Bank has restructured more than Ksh8 billion in loans to its borrowers in an effort to curb the impact of the COVID-19 pandemic on businesses and individuals.
“As a bank, we believe we have two priorities during this pandemic, protecting our staff, and supporting our clients and communities. Access to funding and loan repayments was a key pressure point which is why we have restructured loan facilities worth over Ksh8 billion to support the aforementioned sectors,” Kariuki Ngari, CEO Kenya & East Africa, Standard Chartered Bank said.
Some of the businesses to benefit from the restructured loans include Tourism and Hospitality, Building and Construction, Trade and Manufacturing, and SMEs.
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Ngari says the bank’s commitment to supporting COVID-19 fighting mechanisms by giving access to funding. “We are working with both our clients and non-clients who are at the forefront of fighting COVID-19 to secure financing at preferential rates.
The Monetary Policy Committee (MPC) of the Central Bank of Kenya said 43.5 percent of the additional Ksh 35 billion liquidity from the reduction in CRR had been utilized for the partial restructuring of Ksh 81.2 billion loans.