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    Importers, Exporters Association calls for sympathy for Labianca following corruption claims

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    BoG Deputy Governor chairs advisory board of UG’s College of Humanities

    Ghana’s inflation rate rises again; hits 31.7% in July 2022

    Fitch downgrades Ghana’s credit rating from B- to CCC

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    Ghana likely to secure US$3 billion from IMF for economic support

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    GEXIM CEO is one of Ghana’s 100 most influential business leaders

    Zenith Bank Ghana wins premium quality West African banking brand of the year 2021

    GIPC and GSE sign MoU to attract more investment into Ghana

    Appolonia City unveils its first commercial building; Adumuah Place

    Dr. Ampabeng advocates consolidation of road taxes into fiscal policy

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    Government eyeing GH¢750m with new E-VAT policy

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Kenya:Bank targets SMEs with Sh1.5bn Indian credit line

bycitibusinessnews
June 12, 2017
in Africa, East Africa
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IDB Capital has unveiled a Sh1.5 billion line of credit to small and medium enterprises seeking to fund machinery imports under an India-funded scheme.

Managing director Karen Kandie told the Business Daily that SMEs with healthy balance sheets seeking to meet market demand or upgrade their machinery to reduce operational costs would be considered.

Ms Kandie said the facility would finance up to 70 to 80 per cent of the project cost with beneficiaries given a leeway to start repayment after a two-year grace period within the next 10 years.

“The interest rate is not beyond 14 per cent but will depend on individual risk assessment of the SME’s business.

“They should not be startups since we need an existing firm that requires specific machinery to enable them to upgrade their technology for efficient production or enhance production for the export market,” she said.

The minimum contract value/loan will be Sh5 million with the target being the leather, agro-processing, textiles, chemicals and manufacturing investors.

The facility comes after last year’s visit by Indian Prime Minister Narendra Modi to Kenya where the Export-Import Bank of India offered the line of credit to Kenyan SME industries for import of capital goods from India.

The five-year arrangement through the IDB Capital requires that the benefiting SMEs import two-thirds of the goods or services from India leading to an increase of Indian exports to Kenya from last year’s Sh208.4 billion.

The managing director added that the value of equipment and services sourced from Indian companies must be at least 75 per cent of the contract price while the remaining 25 per cent of goods and services may be procured by the seller from outside India.

–

Credit: Business Daily

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