The International Finance Corporation (IFC) has granted a USD 15 million loan to GTBank Kenya, a subsidiary of the Nigerian Guaranty Trust Bank Plc, we learned on Tuesday January 25 from sources familiar with the matter. This amount will be used to support Kenyan small and medium-sized enterprises (SMEs) affected by the Covid-19 pandemic.
The funds come from IFC’s $8 billion facility for clients in emerging markets affected by the effects of the pandemic. “The IFC loan will help the bank meet the working capital and business needs of businesses, especially SMEs who are among our core clients,” said Olabayo Veracruz, Managing Director of GTBank Kenya.
These companies, he points out, have been hit hard by the pandemic. But they are now picking up again as the economy opens up, thus requiring Bank support through access to credit.
The director also maintained that his institution is ready to support companies operating in the trade sector by financing their working capital needs over the next year.
During the 3rd quarter of 2021, GTBank Kenya’s net profit increased by 54% to reach USD 8 million.
