Standard Chartered Bank Kenya and British International Investment have announced a new $100 million trade finance agreement aimed at supporting SMEs and women-led businesses in Kenya and Tanzania.
Agreement Overview
The agreement between Standard Chartered Bank Kenya and British International Investment will increase trade volume and liquidity across East Africa. With this new financial initiative, SMEs are expected to gain access to significant capital, unlocking $450 million in overall trade flows.
Impact on SMEs
The program is particularly focused on supporting women-led enterprises. By improving access to financing, women entrepreneurs will be able to play a more active role in economic growth and job creation. Kariuki Ngari, CEO of Standard Chartered, stated: "Through our partnership with BII, this new trade finance facility further empowers local businesses, especially those owned or led by women, by providing them with the capital they need to scale, trade, and thrive."
Regional Prospects
This financial agreement is expected to bolster traditional markets and act as a catalyst for further economic collaborations in East Africa. Previous similar initiatives have shown that they contribute to increased activity in SMEs within the region. However, it is noteworthy that this agreement does not intend to have a direct impact on cryptocurrency assets.
The $100 million trade finance agreement between Standard Chartered and BII is a significant step towards supporting SMEs in East Africa, with a focus on aiding women entrepreneurs, which could lead to substantial economic growth in the region.
