Kenya and Saudi Arabia Partner to Boost SME Financing

Kenya has entered into a new partnership with the Saudi Export-Import Bank (Saudi EXIM) aimed at boosting access to finance for local businesses, especially Small and Medium Enterprises (SMEs).

The partnership was unveiled on Tuesday, August 5, 2025, by Trade Cabinet Secretary Lee Kinyanjui, who said the deal was championed by the Kenya Development Corporation (KDC).

The agreement is expected to strengthen economic ties between Kenya and Saudi Arabia while opening up new opportunities for business growth and job creation.

“We are excited about the opportunities presented by the partnership between Kenya Development Corporation and the Saudi EXIM Bank,” Kinyanjui said.

He noted that both countries have complementary trade and investment priorities that make this partnership valuable.

“Kenya is rich in agricultural potential, while Saudi Arabia brings financial strength and vital energy resources,” he explained.

According to the Trade CS, the collaboration is expected to open up access to much-needed financing for Kenyan businesses, helping them grow, expand operations, and create employment.

“This collaboration is expected to enhance access to finance for businesses, including SMEs, and unlock new areas of bilateral cooperation. Ultimately, it will support job creation and wealth generation for Kenyans,” he said.

The announcement followed a high-level meeting held in Nairobi, where the CS hosted a delegation from the Saudi EXIM Bank led by their Chief Executive Officer, Saad Al-Khalb.

Also present at the event were Kenya’s Ambassador to Saudi Arabia, Amb. Mohamed Ramadhan Ruwange, KDC Board Chairman, Sakwa Bunyasi, and Director General Nora Ratemo.

With access to credit remaining a major hurdle for many SMEs in Kenya, the partnership could offer a much-needed boost for entrepreneurs and small business owners across the country.

In Kenya, SMEs play a big role in the economy. They provide jobs to millions of people and support families across the country. However, many small business owners struggle to access loans or financial support from banks. High interest rates, lack of collateral, and strict loan requirements make it hard for them to grow.

This new partnership is expected to ease some of these challenges by offering better access to funding and support for entrepreneurs.