Sidian Bank launches Ksh.508M COVID-19 loan facility for water, sanitation enterprises
Sidian Bank in partnership with Aqua for All has launched a 4 Million Euros (Ksh.508 million) credit facility dubbed the ‘COVID-19 Wash loan’ facility.
Sidian Bank, formerly known as Krep Bank, Aqua for All and Davis and Shirtliff have come together to provide support in bridging the service and financial gaps in the water and sanitation sector.
This partnership is aimed at mobilizing additional resources in support of the Government’s Emergency Response for COVID-19 pandemic.
Aqua for All, a Dutch Non Profit institution, has provided the 4 Million Euro grant that aims to be provided through Sidian Bank to Micro and Small Medium Enterprises (MSMEs) in the water and sanitization value chain sector.
This partnership is also aimed at mobilising public and private capital to facilitate the scale up and sustainability of water and sanitation MSMEs and to achieve SDG 6: Clean water and sanitation for all.
The institution will provide working capitals, LPO financing , asset financing and any other needs which are meant to address Covid -19 pandemic in the water, sanitation and health (W-A-S-H) sector.
“The safety of Kenyans is paramount. This partnership has come at an opportune time when the country is in dire need of innovative solutions to ensure that we are providing sustainable financial solutions for Kenyans. Sidian Bank is committed to backing the government in combating this pandemic by supporting our customers with financing to sustain WASH services for 2.5 million low-income population affected by COVID-19 in Kenya,” said Sidian Bank Chief Commercial Officer, Timothy Gitonga.
Speaking virtually from Netherlands Ms. Marlies Batterink Regional Program Manager East Africa Aqua for All said: “We are delighted to partner with Sidian Bank to develop an innovative finance facility in support of water, sanitation and hygiene MSMEs in Kenya and of government efforts to fight COVID-19. The current crisis urges immediate action. Water and sanitation MSMEs must continue operating and expanding their reach to safeguard access to essential services for millions of Kenyans, especially those on low incomes, during the COVID-19 crisis and to pave the way to build the sector’s resilience in the future.”
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