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SMEs get cheaper loans with Sh100m guarantee fund

Gulf African Bank along Kenyatta Avenue in Nairobi. The bank has signed a Sh100 million deal with the African Guarantee Fund. FILE

Small and medium business owners are set to get cheaper loans following the signing of yet another multi-million- shilling credit guarantee between a Kenyan lender and an affiliate of African Development Bank (AfDB).

Sharia-based Gulf African Bank signed the Sh100 million loan on Monday. The funding by the African Guarantee Fund (AGF) — an affiliate of AfDB — will provide more funds for lending to SME at nearly half the average market rate.

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