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HFC KENYA GETS Sh1.5bn FROM ARAB BANK
Leading housing financing company in Kenya, HFC gets Sh1.5billion credit from Arab Bank.
Housing Finance Group of Kenya (HFC) have received a line of credit from The Arab Bank for Economic Development in Africa (Badea). The credit line which amounts to Sh1.5billion (US$15 million) is for lending to the SME sector.
The new line of credit was signed on Tuesday in Nairobi, as part of Badea’s programme for financing private sector operations.
HFC said, it was a honour to receive the facility from the Arab Bank for Economic Development in Africa. This affirms their position as a development partner of choice for the SME and corporate sector.
The credit line will significantly play a pivotal role in the growth of HFC’s banking. Specifically in financing the working capital and expansion of the bank’s growing SME customer base.
HFC has a strong focus on SME banking, retail banking, trade finance, asset finance & insurance premium financing. It also focuses on plot loans, construction financing, home loans, project finance and equity release solutions.
Badea works in partnership with leading banks in member countries and key markets in Africa. Their purpose is to support business investment, so that companies can expand. Additionally they also help explore new business opportunities and also particularly create jobs.
18 Arab countries, members of the League of Arab States (LAS) own the international financial independent institution Badea.