Swedfund has announced a second investment of USD 7.5 million in Kenya's Victoria Commercial Bank (VCB) PLC. The loan will further strengthen the bank's ability to finance small and medium-sized enterprises (SMEs), which play a vital role in Kenya's economy by creating jobs and driving growth.
—Small and medium-sized enterprises are the backbone of economies, employment and innovation. With this second loan, we want to deepen our impact and enhance their capacity to support even more businesses. This investment is in line with Swedfund's mission to reduce poverty through sustainable investments, says Jane Niedra, Investment Director for Financial Inclusion at Swedfund.
Access to long-term finance remains one of the biggest challenges for SMEs in developing countries. Swedfund’s investment aims to provide SMEs in sectors such as manufacturing, trade and agriculture with greater access to capital, enabling them to develop and expand their business.
—We are proud to partner with Swedfund, a respected institution supported by the Swedish government. Through this collaboration, we can grow while continuing to provide financial services with integrity. Beyond financing, Swedfund brings valuable technical expertise, enabling us to better support our SME clients and contribute to sustainable economic development. We highly value this partnership and our shared focus on growth and long-term sustainability, says Dr. Yogesh Pattni, CEO of Victoria Commercial Bank PLC.
VCB PLC is a SME-focused bank in Kenya, operating with a robust governance structure and financial stability. The bank's strategy focuses on personalised customer relationships and digital development, increasing access to financial services for underserved businesses
