NAIROBI, July 18 (Xinhua) -- The African Development Bank (AfDB) said Thursday it has approved 8 million U.S. dollars of targeted financing to Kenya's Credit Bank for lending exclusively to small and medium-sized enterprises (SMEs) in the country.
AfDB said in a statement that the loans, which have a five-year maturity with a two-year grace period, will be disbursed to Kenyan SMEs in construction, agriculture, renewable energy and manufacturing sectors.
The statement said the facility's proceeds will support transactions aimed at improving SMEs' productive capacities to enhance entrepreneurship, job creation, income generation, and sustainable growth in Kenya.
Credit Bank is a privately-owned commercial bank in Kenya, with total assets of 17.81 billion Kenyan shillings (173 million U.S. dollars) by the end of 2018.
