The International Finance Corporation (IFC) has extended a line of credit of USD 15 million to Guaranty Trust Bank (Kenya) Ltd for on-lending to small and medium-sized enterprises (SMEs).
The loan to GTBank Kenya is part of the $8 billion IFC Fast Track COVID-19 Facility launched in 2020.
In a statement, IFC said the facility is designed to support its existing IFC clients in emerging markets affected by the economic fallout from COVID-19.
Sectors targeted include those that operate in the trade, consumer goods, pharmaceuticals, and manufacturing sectors aimed at helping them retain and create jobs, and strengthen their operations.
“The IFC loan will help the Bank meet the working capital and trade-related needs of businesses, especially SMEs that are part of our core clientele,” said Olabayo Veracruz, Managing Director, GTBank Kenya.
Other Kenyan lenders that have received the credit facility from IFC are Equity Group, I&M Bank Plc
“IFC is committed to supporting Kenya’s private sector, including strengthening its financial sector in order to help the country’s smaller businesses to access more financing. Our partnership with GTBank Kenya will deliver funds to businesses, allowing them to emerge stronger from the COVID-19 crisis,” said Amena Arif, IFC Country Manager for Kenya.
