The African Development Bank has approved a $10 million facility for Family Bank to enhance trade finance for Kenyan businesses. The funding aims to improve access to foreign currency and trade financing for small and medium enterprises and larger corporations.
The facility will cover multiple sectors including manufacturing, agriculture, healthcare, and others. Family Bank will use the funds to develop new financial products and services tailored to the needs of Kenyan businesses. The initiative is expected to support local companies in expanding their operations and accessing international markets.
This move comes as Kenya seeks to strengthen its economic resilience and promote trade growth. The African Development Bank has been actively supporting financial institutions in the region to improve access to capital and foster economic development. The partnership with Family Bank is part of broader efforts to enhance financial inclusion and support business growth in Kenya.
