Diamond Trust Bank (DTB) plans to raise an additional USD20 million(Ksh1.7 billion) from the International Financial Corporation (IFC) to increase its capital base for expansion and lending activities.
The credit facility will be dollar denominated and will be extended to small and medium businesses across the East African region where the institution operates, the bank’s chairman, Mr. Abdul Samji, said in an interview.
“We are just discussing the term sheet with them (IFC) and hopefully, before the end of this year, we should be able to get the additional 20 million dollars,” he said.
In 2012, the bank also raised USD20 million (Ksh1.7 billion) from the same financial institution in long term debt to increase its lending to small and medium enterprises (SMEs). In the 2013 financial year, about 97 per cent of the bank’s lending went to the SME sector, highlighting the importance of this segment to growth of the bank.