The Board of Directors of the African Development Bank has approved a US $90-million financial package comprising a US $50-million Line of Credit and US $40-million Trade Finance Line of Credit to Commercial Bank of Africa Limited (CBA), Kenya.

The funding will be channeled to SMEs and local corporates in infrastructure, tradable and other transformative sector transactions in Kenya. It will provide liquidity support to expand financing to local corporates involved in value-addition in the trading, manufacturing, agriculture, infrastructure, transport, and construction, among other sectors. In so doing, it will enhance job creation and facilitate financial access to businesses.

This intervention will contribute to CBA’s efforts to broaden access to its services, thereby reducing financing constraints faced by SMEs and local corporates in Kenya whilst also reducing Africa’s trade financing gap. The package will promote private sector development as well as support broad-based economic growth. It will also contribute to CBA’s endeavors to complement the efforts of various partners such as the Government of Kenya’s Long Term Development Strategic Agenda and Vision 2030, which seeks to revitalize the economy by developing infrastructure and improving access to affordable credit for SMEs that support the economic transformation of Kenya’s economy to make it more resilient and diversified.