The Arab Bank for Economic Development in Africa (Badea) has opened a Sh1.5 billion ($15 million) line of credit with HFC — the banking and property finance subsidiary of HF Group — for lending to the SME sector.
The new line of credit which was signed on Tuesday in Nairobi, is part of Badea’s programme for financing private sector operations.
It is expected to complement HFC’s strategic initiative for its SME and retail banking segments.
“We are honoured to receive this facility from the Arab Bank for Economic Development in Africa, which affirms our position as a development partner of choice for the SME and corporate sector,” said HFC managing director Sam Waweru.
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“The credit line will play a pivotal role in the growth of HFC’s banking and specifically in financing the working capital and expansion of the bank’s growing SME customer base,”
Badea is an international financial independent institution owned by 18 Arab countries, members of the League of Arab States (LAS), and provides financial services for economic development projects in African countries.