EIB Global and Family Bank Partner to Provide $100M in Financing for Kenyan Women and Youth Entrepreneurs

Strategic Insights -

The European Investment Bank's development arm, EIB Global, and Kenya-based Family Bank have announced a $100 million financing deal to support women-owned and led businesses, as well as youth entrepreneurs in Kenya. The agreement aims to expand access to credit for small and medium-sized enterprises (SMEs) and Mid-Caps, with a focus on the trade and agriculture sectors. At least 50% of the financing will target businesses owned or run by women, while a further minimum of 30% will be extended to youth entrepreneurs.

Key Takeaways:

  • The financing deal, worth $100 million, is a partnership between EIB Global and Family Bank to support Kenyan women-owned and led businesses, as well as youth entrepreneurs.
  • The agreement aims to expand access to credit for SMEs and Mid-Caps, with a focus on the trade and agriculture sectors.
  • At least 50% of the financing will target businesses owned or run by women, while a further minimum of 30% will be extended to youth entrepreneurs.
  • EIB Global will provide a $50 million credit line to Family Bank, which will match the sum in an agreement.
  • Family Bank will also receive technical assistance from EIB Global to enhance its gender strategy and product offering.
  • The agreement is part of the EU's Global Gateway strategy to promote trade, manufacturing, agriculture, climate action, and services in Kenya.
  • The EIB currently chairs the Investing in Young Businesses in Africa (IYBA) initiative, which aims to create sustainable jobs and expand business opportunities across Africa.
  • This is the fourth time that EIB Global and Family Bank have partnered on a financing agreement.

Statistics:

  • The financing deal is worth $100 million.
  • At least 50% of the financing will target businesses owned or run by women.
  • A further minimum of 30% will be extended to youth entrepreneurs.
  • EIB Global will provide a $50 million credit line to Family Bank.
  • Family Bank has over 1.2 million customers, 6,000 bank agents, and 75,000 merchants across Kenya.
  • The Bank has total assets of KES 168.5 billion and a deposit base of KES 126.4 billion as of 31st December 2024.
  • The EIB aims to support $100 billion of investment by the end of 2027, as part of the EU's Global Gateway initiative.
  • The EU-Africa Global Gateway investment package consists of $150 billion in investments to support sustainable jobs growth and stronger health systems across Africa.

Sources:

  • European Investment Bank
  • Family Bank
  • EU-Africa Global Gateway investment package
  • Investing in Young Businesses in Africa (IYBA) initiative
  • European Commission Director for International Partnerships -- Africa, Hans Stausboll
  • EIB Global
  • Family Bank's website and press releases
  • News articles and press releases from reputable sources.