Kenya’s Victoria Commercial Bank has announced it has secured a USD 20 million Line of Credit for Financing Private Sector Projects from The Arab Bank for Economic Development in Africa (BADEA).
The bank said the new funds will go towards supporting the growth of Small and Medium Enterprise portfolio.
“This credit line made possible with support and guidance from Nimai Financial Sector Advisory (NFSA), Dubai, UAE, reflects the good standing of VCB and its strong asset base. These funds are designated to enhance the private sector access to capital in Kenya and to play a pivotal role in sustainable economic growth.” said the company’s CEO Yogesh Pattni.
Dr. Sidi Ould TAH Director General at BADEA noted, “For us in BADEA, the private sector remains to be the center of focus of our operations. Because they sustain jobs, improve livelihoods and economic dividends in Africa. Through this partnership with VCB we aim at increasing the outreach to private sector clients in Kenya.”
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