Local entrepreneurs to benefit from European bank’s billions

Kenya is among four countries that are set to benefit from Sh 10.45 billion entrepreneurs credit from the European Investment Bank (EIB).

The two new credit lines for East-Africa signed on Wednesday morning will be made available through Equity Bank and Housing Finance Corporation (HFC) Limited to support smaller local projects in country, as well as Tanzania, DRC and Uganda.

EIB Vice President Pim van Ballekom said the bank is committed to supporting Kenyan Banks in providing credit to the young and growing population in the region.

"Kenya is increasingly becoming a hub for the region on many levels and we as a Bank must look at this from a very basic point of view," he stated.

He continued, "There is a young and growing population with enormous potential, which needs credit to support their momentum. The credit lines will not only benefit people in Kenya, but are meant for people in neighbouring countries as well."

The bank signed a Sh8.25 billion credit line with Equity Bank, under which funds are earmarked for three subsidiaries; Sh 3.96 billion for Equity Tanzania, Sh 2.2 billion for Procredit DRC and Sh 2.09 billion available through Equity Uganda.