The Kenya Industrial Development Bank (IDB) is negotiating for US$25m credit lines from two foreign-based financial institutions.
IDB, which said it was quitting retail banking in favour of project financing, said negotiations were underway with the Arab Bank for Economic Development in Africa (BADEA) and the Exim Bank of India, for the credit facilities.
BADEA, whose representatives were here last month for project financing talks with Kenyan finance ministry officials, would pump US$20m into IDB to boost capital investments for business and industrial development in Kenya.
Pius Mutay, IDB acting managing director, said the negotiations with the Exim Bank could yield US$5m for development financing.
The IDB, a state-owned bank formed in 1973 to facilitate industrial development through the leveraging of long-term development financing, ventured into retail banking five years ago.
