Ratio Magazine :: The Inside Track to East Africa’s Economies - EAC Regional: Press Releases: IFC and DTB Kenya Collaborate in Trade Finance

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EAC Regional: Press Releases: IFC and DTB Kenya Collaborate in Trade Finance

Friday, 13 February 2009

Nairobi, 13 February 2009 --- The IFC, a member of the World Bank Group, has entered into a USD5m (KES395m) guarantee agreement with Diamond Trust Bank Kenya (DTB) to support its trade finance activities. The guarantee by IFC will contribute towards the volume of trade finance instruments issued by DTB to finance imports to Kenya, Uganda, Tanzania and Burundi. “This collaboration will enable DTB Kenya to increase its trade finance activities, helping more local East African companies grow and compete in the International marketplace,” said DTB Group Chairman Mr. Mahmood Manji.

IFC’s trade finance program promotes trade with emerging markets worldwide by supporting flows of goods and services to and from developing countries. Through the program, IFC provides guarantee coverage of bank risk in emerging markets, allowing recipients to expand their trade finance transactions within an extensive network of countries and banks and to enhance their trade finance coverage.

This is the second time in less than a year that IFC and DTB Kenya have entered into a collaborative arrangement. This follows last year’s KES2bn financing package availed by IFC to DTB to support the bank’s expansion plans and to enable it increase lending to small and medium enterprises.

DTB plans to increase its branch network from the current 30 to 100 in the next three years. This year alone, the group plans to open nearly 20 new branches including Bungoma, Kitale, Kakamega, Kericho, Buru Buru, Diani in Kenya, and plans are underway to open a branch in Zanzibar as well as other parts of Tanzania. DTB Uganda also plans to increase its domestic network during 2009, having begun to branch out to centres outside Kampala in 2008 such as Jinja and Arua. “We will also be opening a new banking subsidiary in Burundi in the next two months or so, and we are exploring the establishment of banking operations in other parts of the Eastern and Southern Africa over the next three to four years including Madagascar, Mozambique, DRC and Rwanda,” said Manji.

IFC has been a shareholder in DTB since 1983 and currently holds a 9.85% stake in the bank.

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