Posted on November, 14, 2018 at 09:07 am
Sidian Bank has received Sh235 million from the East Africa Development Bank for onward lending to the agribusiness sector.
The facility, which will run for eight years, is aimed at easing the access to affordable financing for entrepreneurs in the agricultural sector.
Sidian Bank’s chief executive Chege Thumbi said the partnership will enable a significantly larger number of farmers, enterprises, producer organisations as well as those in the agribusiness value chain to access affordable financing.
“The funds will strengthen the agricultural sector, a sector that is key to the realisation of food security, one of the key pillars in the government’s Big Four agenda,” said Thumbi.
Enterprises which are expected to get funding include SMEs in the agricultural value chain and producer organisations, primary co-operatives or other establishments that target small to medium-sized farmers as well as small to medium enterprises as final beneficiaries.
Thumbi said the facility comes with technical assistance in the form of capacity building to better equip Sidian Bank’s staff on best practices for agribusiness financing and product structuring.
Source: MediaMax Network