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African Banking Coporation Limited MOU with EPZA -24-04-2012
Assistant Minister for trade Manson Nyamwea (centre) witnessing the changing of documents from African Banking Coporation Limited (ABC Bank) Managing Director Shamaz Savani (left) and Export Processing Zones Authority (EPZA) Mr Mathenge Wanderi after they signed a Memorandum of Understanding on credit line to SMEs in the EPZ business accelerator program.

picture by Jackson Njamba/ Ministry of Trade


Trade Assistant Minister Manson Nyamweya today witnessed the signing of a Memorandum of Understanding between Export Processing Zones Authority (EPZA) and African Banking Corporation Ltd (ABC) Bank.The MoU which is within the framework of Public Private Partnership (PPPs) initiative will enable EPZA and ABC Bank to promote, offer tailor-made financial services,market access information,research and advisory services and other support to export oriented small and medium-sized enterprises SMEs in Kenya.

ABC Bank Group Managing Director, Shamaz Savani, said the MoU will assist the sector to increase its overall productivity.  He said that they have set aside sh2billion to finance export oriented SMEs in their operations.This is in addition to the Ksh770million credit facility the bank signed with the European Investment Bank  (EIB) under which SMEs can access loans at very competitive interests.

The Assistant Minister for Trade, Mr. Manson Nyamwea said the Government is committed to supporting SME sector.He noted that they are a key area in the emerging economies, including Kenya because of its potential to create jobs, generate wealth and reduce poverty and also play an even greater role in earning the country foreign exchange which improves the country’s balance of payments. ‘’The cabinet has approved the public private partnership( PPP ) Bill and expect the parliament to debate it and pass them into law in the next few months as well as the Special Economic Zones Bill 2010 so as to create a favorable environment for the private sector to invest capital skills and technology in the provision of public services.’’ He said.The ABC Bank chairman Ashraf Savani said that the bank has set a fully fledged unit that is  specifically dedicated to serving SMEs. 


24th APRIL 2012;
By Damaris Kavete



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