The African Development Bank (AfDB) has signed a $10 million trade finance facility with Family Bank Kenya to expand access to foreign currency and financing for businesses involved in trade and productive sectors.
The facility will support the import financing needs of small and medium-sized enterprises and local corporates, particularly businesses operating in manufacturing, agriculture, healthcare, renewable energy and other areas of general commerce.
The funding is also expected to increase access to foreign currency, helping Kenyan businesses meet import requirements while supporting local and regional supply chains and productive capacity.
AfDB Director General for the East Africa region Alex Mubiru said the agreement demonstrates the bank’s commitment to strengthening Kenya’s financial ecosystem and expanding access to trade finance.
The facility will also support intra-African trade and contribute to the implementation of the African Continental Free Trade Area (AfCFTA), providing businesses with additional capacity to finance equipment, machinery, raw materials and other inputs required for cross-border commerce.
AfDB Head of Trade Finance Lamin Drammeh said the facility will help ease financing pressures facing Kenyan importers and exporters while contributing to efforts to address Africa’s trade finance shortfall, estimated at more than $74 billion.
For Family Bank, the agreement will strengthen its capacity to finance micro, small and medium-sized enterprises, including women-owned and women-led businesses. The bank said MSMEs account for more than 80% of its customer base.
The $10 million facility will provide Family Bank with additional resources to finance eligible businesses and their trade-related requirements, supporting economic activity across manufacturing, agriculture, healthcare, renewable energy and other productive sectors.
