The 34 year-old Industrial Development Bank (IDB) gave out Sh250 million in loans last year.
Based in Nairobi, the bank has finance up to 250 industries since its inception, giving out a total of Sh12 billion in loans to set up leading hotels and industries, managing director James Ochami said.
The bank was initially set up by the Government to finance critical and high value projects, by accessing lines of credit from various multilateral institutions, and its interest rates are generally lower than those of commercial banks because they have a long term tenor.
At the moment, the rates are between 11 and 13 per cent annually for loans to be repaid within a minimum of five years, compared to 16 per cent for commercial banks.
Some of the hotels they have helped set up include Grand Regency Hotel, Intercontinental, Serena, Diani Reef at the Coast and the newly opened Panari at the city.
In the industrial sector, they have funded the giant Pan Paper Mills in Webuye, Mabati Rolling Mills, Nzoia and, Sony sugar companies, Rift Valley Textiles (which had collapsed but has now been taken over by Moi University), and up to 10 factories in the country. Others are ship haulage on Lake Victoria and the Kenya Methodist University.
Speaking to Nation after sponsoring a golf tournament at Eldoret Club for the bank’s clients over the weekend, Mr Ochami said the firm had been restructured and gave out Sh250 million in loans last year.
SOURCE: DAILY NATION
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment