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

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.

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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
       
  Regional    
  East African Development Bank    
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Sam Wakoba
Sam Wakobahttp://techmoran.com
Taking you on tour through Africa's tech and business ecosystem, one story at a time since 2010! Based out of Nairobi, Kenya, Sam is the founder and managing director of Moran Media, which runs  TechMoran.com, various other digital platforms and a startup incubation hub for Kenya's youthful entrepreneurs. Drop me a mail at [email protected]

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