Kenya’s Faulu Bank allocates US$27.4m for SME lending to spur growth

KENYA – Faulu Microfinance Bank Limited of Kenya has declared plans to lend up to US$27.4 million to micro, small and medium enterprises (SMEs)  agribusiness and group customers to help them recover and grow following the Covid-19 economic disruptions. The amount includes a US$4.56 million trade finance facility the lender has rolled out targeting larger SMEs mostly in construction, trade, agribusiness and import business. The move comes as Faulu scales up financial support to its customers mainly micro-traders and business groups totalling 150,000 Faulu customers in Kenya. Faulu Bank Managing…

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Health payment provider CarePay lends US$18.2m to private healthcare providers in Kenya

KENYA – CarePay,  a platform that supports private and public health plans with smart mobile health wallets to provide access to good healthcare has lent out US$18.24 million to private healthcare facilities last year, largely to fund acquisition of essential equipment and expansion. The loan facility, under CarePay’s medical credit fund (MCF), saw disbursements go up from about US$456204 per month by the third quarter in 2020 to more than US$3.65 million a month in the fourth quarter. “We used our data on medical care expenses made via our platform, M-tiba,…

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Afreximbank commits US$400m to support Mozambique’s LNG project

MOZAMBIQUE – The African Export-Import Bank (Afreximbank), a multilateral trade finance institution, has committed US$400 million in guarantees and direct lending to the Area 1 Liquefied natural gas (LNG Project) to support the advancement of Mozambique’s energy industry. The total Project is estimated to cost about US$24 billion and is set to be the largest private foreign direct investments in Africa, and one of the largest LNG projects in the world. It will play a key role in Mozambique’s economic growth and support the wider region. The US$400m financing will…

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