The International Finance Corporation (IFC) has signed a deal to provide Bank of Africa Kenya with cover against losses on loans to SMEs as the lender looks to scale up its funding for small businesses.
The IFC, which is the private sector lending arm of the World Bank, said that the facility will cover 50 percent of losses on all eligible loans that Bank of Africa Kenya (BOA Kenya) extends to SMEs, up to the shilling equivalent of $5 million (Sh650 million).
