IFC to invest $100m in Nairobi-listed Diamond Trust Bank to back SMEs hit by pandemic

International Finance Corporation (IFC) will invest 12.18 billion shillings ($100 million) in Nairobi-listed Diamond Trust Bank (DTB) to support small and medium enterprises (SMEs) impacted by Covid-19, Zawya reports, citing Kenyan Wall Street newspaper.
The investment will be in senior debt under its Covid-19 emergency response working capital solutions scheme (WCS FIGE).
IFC initiated the WCS FIGE to provide funding to its existing client banks in emerging markets that will extend trade or working capital facilities to support the financing needs of companies in countries affected by the pandemic.
The loan will mature in 24 months but can be renewed for up to 36 months.
Per the Kenyan media, firms expected to benefit from DTB’s onward lending have between 10 and 300 employees or annual sales of $100,000 to $15 million.