Sh506m loan for water providers to boost supply
Sidian Bank has partnered with Aqua for All and launched a Sh506.26 million loan for Water Service Providers to enhance sufficient provision of the commodity in the ongoing fight against coronavirus.
The bank partnered with the water agency on Tuesday to launch a Covid-19 Wash loan facility targeting Micro, Small and Medium Enterprises (MSMEs) in the water and sanitation value chain.
Speaking during the launch at a Nairobi hotel, the bank’s Chief Commercial Officer, Timothy Gitonga said Sidian Bank, Aqua for All and Davis & Shirtliff combined efforts to bridge the service and financial gaps in the sector, where water is in demand during the Covid-19 pandemic period.
“This partnership is aimed at mobilising additional resources in form of a loan facility to support the Government’s Emergency Response for Covid-19 pandemic,” he said.
Gitonga noted that since Covid-19 has affected Kenyan lives and livelihoods, the institution finds it crucial to scale up innovative solutions for WSPs through short-term financing facilities in working capital, asset and project finance.
Speaking virtually from Netherlands, Aqua for All Regional Program Manager in charge of East Africa, Marlies Batterink said the health crisis in the world requires immediate action.
“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.