Kenya’s I&M Bank gets $25 million loan
Kenya’s I&M
Bank said on Wednesday it has received a 2 billion shillings loan from
the Netherlands Development Finance Company (FMO) for onward lending,
especially to small and medium sized companies.
“The lending by FMO
provides a positive signal which will help I&M Bank to bridge the
gap arising out of maturity and foreign currency mismatches, whilst
simultaneously presenting a stable and long term source of foreign
currency funding to meet the growing needs of the market,” the bank
said in a statement.
Kenya’s central bank says commercial lending was up 6 percent in the third quarter to $11 billion.
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