Kenya-based microfinance venture, Platcorp has secured a Sh600 million (5 million Euros) loan from the Swedish Development Finance Institution (Swedfund) for onward lending to small and medium sized enterprises (SMEs) in the region.
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.”
Platcorp was founded in 2003 in Kenya and expanded to Uganda in 2004 and Tanzania 2008 respectively.
June 26, 2020