African Development Bank has said that its Ksh 5 billion (USD 50 million) credit facility to Chase Bank is uninterrupted despite the recent crisis that hit the Kenyan lender, the Star Newspaper reports.
AFDB’s Regional director for Eastern Africa Gabriel Negatu said the Ksh 5 Billion facility had already been approved by the Board days before Chase Bank was temporarily closed down by the Central Bank Of Kenya.
The AFDB has also put aside around Ksh 60 Billion to help Kenyan banks to fund SMEs through the next three 3 years.
“SMEs are the engine that grows the Kenyan economy. We are cognisant and appreciate the fact that they lack resources and financing. We are committed to work with local banks in Kenya to provide affordable and accessible financing to SME’s,we are talking to more banks, two to three banks in the country to provide a similar funding to allow them to support SMEs.” AFDB’s Regional director.