Kenya's fast growing small- and medium-sized enterprises are to receive a crucial boost from World Bank restructuring funding to the tune of Sh2.7bn (US$33.9m).
For a sector long ignored by mainstream banking, the envisaged changes will include the setting up of a Sh1.2bn (US$15m) fund serving as risk capital to be lent to the enterprises on a revolving basis.
BusinessWeek has established that World Bank's private funding affiliate, International Finance Corporation (IFC), and Business Partners Limited, a South African-based firm specialising in franchise and small business financing, will form a joint venture company, Business Partners International, to put the process in motion.
The project is scheduled to receive final approval from the Bank's board of directors on June 15.
