{"id":25285,"date":"2024-12-03T07:00:00","date_gmt":"2024-12-03T06:00:00","guid":{"rendered":"https:\/\/ecomnewsafrique.com\/?post_type=news&#038;p=25285"},"modified":"2024-12-01T23:00:52","modified_gmt":"2024-12-01T22:00:52","slug":"kenya-uk-announces-5-2-million-in-nairobi-to-set-up-sme-debt-fund","status":"publish","type":"news","link":"https:\/\/ecomnewsafrique.com\/en\/2024\/12\/03\/kenya-uk-announces-5-2-million-in-nairobi-to-set-up-sme-debt-fund\/","title":{"rendered":"Kenya: UK announces $5.2 million in Nairobi to set up SME debt fund"},"content":"\n  \n    \n      \nThe UK announced on Tuesday 5 November, through the British High Commission in Nairobi, the allocation of KSH 667 million ($5.2 million) to set up a debt fund for SMEs in Kenya. Created in collaboration with FSD Africa, a development finance institution supported by the British government, the fund aims to mobilise $300 million to strengthen Kenya\u2019s economic fabric by facilitating access to credit for SMEs. It \u201cstrengthens the UK\u2019s financial toolkit in Kenya, which has supported job creation and long-term economic growth for many years, and will benefit all hard-working people in this country \u2013 particularly women, young people and people with disabilities,\u201d said Neil Wigan, British High Commissioner to Kenya. \n\n    \n  \n\n\n  \n    \n      \nThe listed SME debt fund is aimed at a range of local and international investors, with a structure designed to attract Kenyan pension funds and other institutional investors. The aim is to provide local SMEs with access to finance at lower rates, at a time when borrowing costs for these businesses can be as high as 40%. This level of interest rates represents a significant disincentive for SMEs, which make up 98% of businesses in Kenya and employ a significant proportion of the workforce. A first round of funding of $100 million is in the pipeline. But in the long term, $240 million is expected from Kenyan institutions and $60 million from foreign investors. \n\n    \n  \n\n\n  \n    \n      \nThe fund plans to support 10,000 SMEs, reach 50,000 households and generate about 90,000 jobs in various sectors, ranging from agriculture and manufacturing to technology. The program could also offer Kenyan pension funds, which have more than $30 billion in assets under management, an investment opportunity in alternative assets, allowing them to diversify their portfolios while stimulating the national economy.\n\n    \n  \n\n","author":116,"featured_media":17550,"comment_status":"open","ping_status":"closed","template":"","tags":[699],"location":[511],"class_list":["post-25285","news","type-news","status-publish","has-post-thumbnail","hentry","tag-economy","location-kenya-en"],"short_url":"https:\/\/bit.ly\/4eTQ7NG","have_related_news":"done","chapo":"A new London-backed debt fund aims to improve access to finance for Kenyan small and medium-sized enterprises, with the aim of mobilising up to $300 million. The programme aims to reduce high borrowing costs for local businesses.<br \/>\r\n","media":{"src":"https:\/\/ecomnewsafrique.com\/app\/uploads\/sites\/4\/2022\/08\/NAIROBI2-550x360.png","srcset":"https:\/\/ecomnewsafrique.com\/app\/uploads\/sites\/4\/2022\/08\/NAIROBI2-550x360.png 550w","sizes":"550px","alt":"NAIROBI2","width":550,"height":360,"ratio":0.66,"credit_photo":""},"media-news-header":{"src":"https:\/\/ecomnewsafrique.com\/app\/uploads\/sites\/4\/2022\/08\/NAIROBI2-997x658.png","srcset":"https:\/\/ecomnewsafrique.com\/app\/uploads\/sites\/4\/2022\/08\/NAIROBI2-997x658.png 1170w","sizes":"1170px","alt":"NAIROBI2","width":1170,"height":658,"ratio":0.66,"credit_photo":""},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.9.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Kenya: UK announces $5.2 million in Nairobi to set up SME debt fund - Ecomnews Afrique<\/title>\n<meta name=\"description\" content=\"The UK announced on Tuesday 5 November, through the British High Commission in Nairobi, the allocation of KSH 667 million ($5.2 million) to set up a debt\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ecomnewsafrique.com\/en\/2024\/12\/03\/kenya-uk-announces-5-2-million-in-nairobi-to-set-up-sme-debt-fund\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Kenya: UK announces $5.2 million in Nairobi to set up SME debt fund - 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