Kenya’s Victoria Commercial Bank has announced that it has received a Ksh. 2.4 billion (USD 20 million) loan for financing private sector projects.

The bank received the loan from The Arab Bank for Economic Development in Africa (BADEA). According to the bank, the loan will go towards supporting the growth of Small and Medium Enterprise (SME) portfolio.

“This credit line made possible with support and guidance from Nimai Financial Sector Advisory (NFSA), Dubai, UAE, reflects the good standing of VCB and its strong asset base. These funds are designated to enhance the private sector access to capital in Kenya and to play a pivotal role in sustainable economic growth.” said the company’s CEO Yogesh Pattni.

Dr. Sidi Ould TAH Director General at BADEA noted, “For us in BADEA, the private sector remains to be the center of focus of our operations. Because they sustain jobs, improve livelihoods and economic dividends in Africa. Through this partnership with VCB we aim at increasing the outreach to private sector clients in Kenya.”

Victoria Commercial Bank (VCB) is a private bank in Kenya. It was established in 1987 as Victoria Finance Company, a non-bank finance institution (NBFI). In 1996, following the issuance of a banking licence by the Central Bank of Kenya, the company rebranded to Victoria Commercial Bank. Victoria Commercial Bank has five branches in the city of Nairobi, Kenya.