Monday Night News: European investment bank disburses about 27B of new lending to East Africa

Business | Monday 9 Jan 2017 10:13 pm

Small and medium sized companies are set to benefit from additional lending from the European investment bank. The bank is looking to disburse about 27 billion shillings of new lending to east Africa’s this year. The EIB gave 10.5 billion shillings financial support to regional private sector investments in Africa in 2016. Kenyan entrepreneurs will access the EIB-backed loans directly from local banks. The Luxembourg-based lender says the fund is likely to give priority support to agricultural investments in Kenya in a bid to promote food security and create jobs. The EIB is the world’s largest international public bank. The long-term lending institution has supported investment across Africa for more than 50 years giving more than 22 billion euros across the continent. The international finance corporation (IFC), the world bank’s private sector lending arm, estimates that SME’s in Kenya have an annual credit gap of over $6 billion approximately sh630 billion