Family Bank secures Sh1.3bn trade-finance boost from AfDB
The funding will support small and medium-sized businesses and local companies, according to Business Daily Africa (direct).
Key takeaways
- Family Bank has secured Sh1.3 billion from the African Development Bank to finance trade.
- Small and medium-sized enterprises and local corporates are the intended beneficiaries.
- The source material does not specify borrowing terms, allocations or a timetable.
Small and medium-sized businesses are among the intended beneficiaries of Sh1.3 billion in trade financing secured by Family Bank from the African Development Bank (AfDB), according to Business Daily Africa (direct). Local corporate businesses will also be supported by the funding.
The facility—a financing arrangement—will give Family Bank funds to finance trade. Trade finance supports businesses’ buying and selling activities. The reported arrangement puts the bank between the development lender providing the money and the businesses the funding is intended to serve.
For business readers, the key detail is the scope of the intended recipients: the financing is earmarked for both smaller enterprises and local corporates. The source does not specify how the Sh1.3 billion will be divided between those groups or provide borrowing terms.
The next point to watch is how Family Bank makes the financing available to those businesses. The source material gives no timetable for that step.
Sources
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