United Bank for Africa Kenya has set aside Ksh 38 billion ($285m) to boost its small and medium enterprises loan book.
UBA Kenya Chief Executive Officer Mary Mulili said funding is part of the $6 billion credit line the bank has lined up to support African businesses in a bid to help them overcome trade barriers and scale their businesses.
The facility is expected to provide working capital and asset financing to qualified SMES.
The credit line will also support Kenya’s trade and commerce by enabling exporters and importers to expand into new African markets.
Targeted areas include agribusiness value chain, strengthening value chains and food systems, transport and logistics, reducing inefficiencies and improving cross-border connectivity, and building capacity for production, distribution, and purchase of vehicles.
