HF Group Banking and property finance subsidiary, HFC, has signed US $15 million financing facility with the Arab Bank for Economic Development in Africa (BADEA) for improving HFC’s working capital and for onward leading to the SME sector.
The new credit line, which is as part of BADEA’s program for financing Private Sector Operations, was signed in Nairobi on behalf of the Arab Bank for Economic Development in Africa (BADEA) by H.E. Dr. Sidi Ould TAH, Director General and HFC Managing Director Sam Waweru and witnessed by the HF Group Chairman Steve Omenge Mainda.
“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. 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,” said Waweru on Tuesday.
“HFC takes a position if a being a partner for growth for all our stakeholders. We believe that the funding line from BADEA will help our SME accelerate their business growth and support their growth efforts,” he added.
The financing facility from BADEA will complement HFC’S strategic initiatives for its SME and retail banking segments.
“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 Dr. Ould TAH.