Housing Finance Kenya has signed US $15 million financing facility with the Arab Bank for Economic Development in Africa (BADEA) for improving HFC’s working capital and for onward leading to the SME sector.
The new credit line, which is as part of BADEA’s program for financing Private Sector Operations, was signed in Nairobi on behalf of the Arab Bank for Economic Development in Africa (BADEA) by H.E. Dr. Sidi Ould TAH.
“The credit line will play a pivotal role in the growth of HFC’s banking and specifically in financing the working capital and expansion of the bank’s growing SME customer base,” claimed Mr. Waweru.
“The Arab Bank for Economic Development in Africa works in partnership with leading banks in member countries and key markets in Africa to support business investment thus enabling companies to expand, explore new business opportunities and create jobs. We believe our new cooperation with HFC will be beneficial to businesses in Kenya,” said H.E. Dr. Ould TAH.
Arab Bank for Economic Development in Africa provides finance services for economic development projects in African countries. The Bank also provides loans, grants, HIPC, and Export Financing Scheme (BEFS); provides technical assistance operations through the provision of grants to beneficiary African countries; and finances operations of Arab exports to African countries beneficiary of its support. It serves infrastructure, agriculture and rural development, feasibility study, industrial, institutional support, power, among other sectors.