NAIROBI, Kenya, July 16 – Standard Chartered and British International Investment (BII), the UK’s growth finance establishment, have unveiled a Sh13 billion ($100 million) commerce finance facility geared toward boosting entry to capital for companies in Kenya and Tanzania.
The new facility is anticipated to unlock over Sh58.5 billion ($450 million) in commerce flows throughout each nations over its lifetime.
According to the companions, it would assist native corporates and SMEs in key sectors comparable to agriculture, meals manufacturing, healthcare, manufacturing, and infrastructure, enabling them to import important items, pay suppliers on time, and increase export operations.
The facility qualifies beneath the 2X Challenge, assembly standards that prioritise women-led or women-owned companies and promote ladies’s management and entry to high quality employment and monetary companies.
“We are dedicated to unlocking alternatives for progress and resilience throughout East Africa,” stated Kariuki Ngari, Chief Executive Officer for Kenya and Africa at Standard Chartered.
“Through our partnership with BII, this new commerce finance facility additional empowers native companies, particularly these owned or led by ladies, by offering them with the capital they should scale, commerce, and thrive.”
This newest settlement extends a long-term partnership between Standard Chartered and BII. In November 2024, the 2 establishments introduced a Sh45.5 billion ($350 million) danger participation deal, constructing on their preliminary collaboration that started in 2013.
These efforts goal to bolster commerce finance entry throughout Africa and South Asia.
Seema Dhanani, Head of Office and Coverage Director for Kenya at BII, emphasised the significance of the initiative.
“Access to commerce finance stays a crucial constraint for companies throughout East Africa, notably for women-led enterprises and SMEs in key worth chains,” he stated.
“Through this facility with Standard Chartered, we’re enabling extra companies in Kenya and Tanzania to entry the capital they should thrive, create jobs, and increase their attain.”
The facility is poised to strengthen worth chains, assist job creation, and contribute to inclusive financial progress throughout the area.
