The Board of Directors of the African Development Bank (AfDB) has approved a US $75-million financial package comprising US $50-million Line of credit and US $25-million Subordinated Debt to Diamond Trust Bank Kenya Limited.
The funding is aimed at supporting SMEs and emerging corporates in East Africa. The LoC will provide financing to small and medium enterprises (SMEs) and local corporates involved in value-addition in the trading, manufacturing, transport, and construction, among other sectors. In so doing, it will enhance job creation and facilitating financial access to businesses. The Sub-Debt will bolster DTB’s balance sheet by enhancing its Tier-II capital, which is a crucial catalyst for the bank’s expansion. Read more. Source | CIO