European Investment Bank Injects $6.2 Million into East Africa’s SME Banks

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moneyThe European Investment Bank (EIB), has extended EUR 5 million ($6.2m) into East Africa’s financial institutions targeting SMEs and micro-enterprises to help them improve their operations and train their staff to the highest standards in the increasingly competitive banking industry of the region.

According to EIB, part of the funds will be extended to the clients of the banks to help them improve their entrepreneurial skills, drafting of business plans and submitting quality credit requests, among others.

The aggregate signed credit facilities of European Investment Bank towards financial institutions in the region have amounted to EUR 454 million (approximately KES 51 billion) since 2009 and reflect the EIB’s  growing support of the region’s private sector through selected financial sector partners.

Here is the complete list of the EIB partner financial institutions in East Africa who have recieved the funding:

  Kenya   Uganda
1 African Banking Corporation 1 DFCU Bank
2 Consolidated Bank of Kenya 2 Centenary Bank
3 Chase Bank Kenya 3 Crane Bank
4 Housing Finance Company of Kenya 4 Housing Finance Bank
5 Co-operative Bank of Kenya  
6 Equity Bank  
7 Prime Bank  
8 Family Bank  
9 Faulu Microfinance Bank  
10 K-Rep Bank  
Tanzania Rwanda
1 National Microfinance Bank 1 I & M Bank Rwanda
2 CRDB Bank 2 Banque Rwandaise de Développement
3 Bank of Africa Tanzania 3 KCB Rwanda
  East African Development Bank    

The EIB is in negotiations with additional banks in East Africa that are expected to join the Bank’s credit line schemes and benefit from this technical assistance programme.

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