HF Group banking and property finance subsidiary, HFC, has signed Ksh 1.5 billion (US$15 million) financing facility with the Arab Bank for Economic Development in Africa (BADEA) for improving its working capital and for onward leading to the SME sector.
The new credit line, which is as part of BADEA’s program for financing Private Sector Operations, was signed in Nairobi on behalf of the Arab Bank for Economic Development in Africa (BADEA) by Dr Sidi Ould TAH, Director General and HFC Managing Director Sam Waweru and witnessed by the HF Group Chairman Steve Omenge Mainda.
“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. 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,” said Waweru.
“HFC takes a position if a being a partner for growth for all our stakeholders. We believe that the funding line from BADEA will help our SME accelerate their business growth and support their growth efforts,” Waweru added.
HFC has a strong focus on SME banking, retail banking, trade finance, asset finance & insurance premium financing, plot loans, construction financing, home loans, project finance and equity release solutions.
The financing facility from BADEA will complement HFC’S strategic initiatives for its SME and retail banking segments.
“The Arab Bank for Economic Development in Africa works in partnership with leading banks in member countries and key markets in Africa to support business investment thus enabling companies to expand, explore new business opportunities and create jobs. We believe our new cooperation with HFC will be beneficial to businesses in Kenya,” said Dr Ould TAH.
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BADEA provides finance services for economic development projects in African countries. The Bank also provides loans, grants, HIPC, and Export Financing Scheme (BEFS); provides technical assistance operations through the provision of grants to beneficiary African countries; and finances operations of Arab exports to African countries beneficiary of its support. It serves infrastructure, agriculture and rural development, feasibility study, industrial, institutional support, power, among other sectors.