DTB Gets $50 million from IFC to Support SMEs this COVID-19 pandemic

CEO DTB Kenya, Nasim Devji 

Diamond Trust Bank(DTB)  of Kenya Kenya has announced receiving a loan amounting to $ 50 million from International Finance Corporation (IFC) to support SMEs during this COVID-19 period.

IFC a subsidiary of the World Bank , early this year had set aside $8 billion to help and support COVID-19 hit SMEs.

Nasim Devji, Group CEO and Managing Director DTB, said, “As an SME bank, we are aware that these businesses are among the hardest hit by the fall-out of the pandemic. This facility will enable us to support SMEs to address their cash flow challenges, which is a key concern as businesses need easy access to short-term liquidity.”

In Kenya,  the Central Bank already predicted about 75 per cent of SMEs will be forced out of business soon.

The funds will support businesses in the transport, finance, manufacturing, health, agriculture and any other vulnerable economic sectors. 

“We urge our SME borrowers to take advantage of the facility to ensure their survival during these tough times, as we remain committed to their development,” Ms Devji added.

“IFC’s partnership with DTB Kenya is part of our strategy to help businesses in Kenya manage the impacts of COVID-19 so they can continue providing essential goods and services and maintain jobs. IFC is committed to helping countries across Africa meet the unique challenges of COVID-19 and also speed the process of recovery.” said Manuel Moses, IFC Country Manager for Kenya.

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