NAIROBI, Kenya, Mar 6 – HF Group Banking and property finance subsidiary, HFC, has signed a Sh1.5 billion financing facility with the Arab Bank for Economic Development in Africa for improving HFC’s working capital and for onward lending to the SME sector.
HFC Managing Director Sam Waweru says the credit line will play a pivotal role in the growth of HFC’s banking and 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, plot loans, construction financing, home loans, project finance and equity release solutions.
“We are honoured to receive this facility from the Arab Bank for Economic Development in Africa, which affirms our position as a development partner of choice for the SME and Corporate sector,” Waweru said.
The Arab Bank for Economic Development in Africa Director General Sidi Ould says the new credit line, which is as part of the firm’s program for financing private sector operations.
“The Arab Bank for Economic Development in Africa works in partnership with leading banks in member countries and key markets in Africa to support business investment thus enabling companies to expand, explore new business opportunities and create jobs. We believe our new cooperation with HFC will be beneficial to businesses in Kenya,” said Ould.
Arab Bank for Economic Development in Africa provides finance services for economic development projects in African countries.
It serves infrastructure, agriculture and rural development, feasibility study, industrial, institutional support, power, among other sectors.