A Dutch entrepreneurial bank,FMO together with Sidian Bank has joined hands to unveil a KSh1.65 billion facility for lending towards Small and Medium-sized Enterprises (SMEs).
The facility under the NASIRA program, is seeking to strengthen Sidian Bank’s ability to provide financing to MSMEs affected by the COVID-19 crisis in Kenya. A minimum of 30% of the total guarantee facility will be allocated specifically to young and female entrepreneurs.
A technical assistance program will be offered alongside the guarantee to support Sidian Bank in building staff capacities and developing financial and non-financial service for the NASIRA target groups in particular those active in the agricultural sector.
The NASIRA program is a risk-sharing facility for local financial institutions, supported by the European Union and MASSIF, the financial inclusion fund FMO manages on behalf of the Dutch government.