Swedfund chief executive officer Maria Håkansson said the funds will help Platcorp boost credit access to private individuals and small and medium-sized companies in Kenya, Uganda and Tanzania—where the firm operates—to shield the small businesses against the economic effects of the Covid-19 pandemic.

“In order to support small and medium-sized companies following the Covid-19 outbreak the Swedish Development Finance Institution, Swedfund, now increases the liquidity available to these companies by lending 5 million EUR to Platcorp,” she said.

“It is urgent for us as a Development Finance Institution to strengthen the financial resilience of companies and protect jobs in developing countries.”