Wednesday, March 07, 2018

HFC and Arab Bank for Economic Development signs USD15 Million Credit Facility

    March 07, 2018   No comments

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 Mr. Waweru.

"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," Mr. Waweru added.

HFC has a strong focus on SME banking, retail banking, trade finance, asset finance & insurance premium financing,  plot loans, construction financing, home loans, project finance and equity release solutions.

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 H.E. Dr. Ould TAH.

Arab Bank for Economic Development in Africa provides finance services for economic development projects in African countries. The Bank also provides loans, grants, HIPC, and Export Financing Scheme (BEFS); provides technical assistance operations through the provision of grants to beneficiary African countries; and finances operations of Arab exports to African countries beneficiary of its support. It serves infrastructure, agriculture and rural development, feasibility study, industrial, institutional support, power, among other sectors.


HF, BADEA signs credit facility agreements
(From left to right) HFC Managing Director Sam Waweru, Arab Bank for Economic Development in Africa Director General H.E Dr. Sidi Ould TAH, and HF Group Chairman Steve Omenge Mainda, EBS, at the signing ceremony of the $15 million financing facility between HFC and with the Arab Bank for Economic Development in Africa.

Nairobi Kenya,HF, BADEA signs credit facility agreements
(From left to right) HFC Managing Director Sam Waweru (2nd left) and Arab Bank for Economic Development in Africa Director General H.E Dr. Sidi Ould TAH (right) sign $15 million financing facility between HFC and with the Arab Bank for Economic Development in Africa, witnessed by  HFC Legal Manager Belinda Nganga and BADEA Business Development Specialist Yousiff Eljazz.

Arab Bank for Economic Development

Arab Bank for Economic Development (BADEA) is an international financial independent institution owned by eighteen (18) Arab countries, members of the League of Arab States (LAS), who signed its Establishing Agreement on 18th of February 1974. BADEA enjoys full international legal status and autonomy in administrative and financial matters. It is governed by the provisions of its Establishing Agreement and the principles of international law.

BADEA aims at strengthening economic, financial and technical cooperation between Arab and African countries and the embodiment of Arab-African solidarity based on equality and friendship. To achieve these objectives, BADEA is mandated to execute the following functions:


I.Contribute to the financing of economic development of African countries.

II.Encourage the participation of Arab capital in African development.

III.Contribute to the provision of the necessary technical assistance for development in Africa.

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Mwabaya Katana

About Mwabaya Katana

Mwabaya Katana is a Finance Online Researcher and Writer.He is the founder of 'Loans Kenya' Blog.

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