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AGF Magazine - April 2019 issue

  • In a region where only a minority of the population has access to a bank account and SMEs struggle to get financial help from traditional banks, Albert Alsina, CEO and Founder of Mediterrania Capital Partners, explains how the PE industry is becoming a catalyst for the African Fintech ecosystem’s development, enabling large-scale banking and supporting entrepreneurs and SMEs in their expansion plans (pp. 10-12).
  • In this month’s issue of Africa Global Funds, we also caught up with Kenneth Kaniu, Britam Asset Managers CEO, to learn about their anchor investment in Tiserin Capital, and the needs and constraints of institutional investors in Kenya and East Africa (pp. 14-15).
  • On the infrastructure front, we hear from Moritz Breickmann, Investment Director at African Infrastructure Investment Managers (AIIM) who showcases some successful airport redevelopments in Africa. Read on to find why airport infrastructure projects on the continent can provide attractive long term returns to investors (p.17).
  • In this month’s issue we also learn that the FTIF Templeton Africa Fund was merged into the FTIF Templeton Frontier Markets Fund. We speak with Ahmed Awny and David Haglund about the Fund and its African investments (p.16).
  • Finally, Rob Childs, Head of International for Prescient Fund Services shares his views on the global distribution challenges facing African fund managers and why the firm decided to domicile their offshore fund range in Ireland (p. 22).
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News > Investors

FMO provides $40m loan to I&M Bank

Africa Global Funds
Oct. 3, 2018, 9:40 p.m.
733

Word count: 220

Dutch Development Bank FMO has granted a loan of $40m to I&M Bank Kenya, to boost lending to small and medium sized enterprises in the country. 

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Dutch Development Bank FMO has granted a loan of $40m to I&M Bank Kenya, to boost lending to small and medium sized enterprises in the country. 

Linda Broekhuizen, CIO of FMO, said: “I&M Bank Kenya really fits our strict selection criteria. The bank has good performance, a strong reputation and has been successful in SME lending. By supporting the expansion of its operations, FMO can help give the local economy an extra boost. ”

I&M Bank already has a long and successful track record in SME finance in the region and has been a client of FMO since 2010.

The loan has a five-year tenor. 

The bank has a loan portfolio of approximately $1.2bn of which almost 30% consists of loans to SME-customers.

I&M Bank Kenya is the flagship of a successful regional banking group. FMO has also granted loans to I&M Bank Tanzania, 70% owned by I&M Bank Kenya. 

The main sectors in the portfolio of I&M Bank Kenya are manufacturing, trade, real estate and building and construction.

At the end of 2016 the bank launched a five-year strategy which aims to double the bank’s market share by 2022, partly through digitalizing the business by improving online sales and servicing. 

I&M Bank Kenya is fully owned by I&M Holdings (IMHL), a listed non-operating entity.
 

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