WBC’s loan is guaranteed by Overseas Private Investment Corporation (OPIC), the U.S. Government agency that helps American businesses invest in emerging markets. The financing will provide a long-term funding source for Victoria to support its small and medium-sized enterprise (SME) lending in Kenya, retaining a sizeable portion for woman owned and managed enterprises and “green” loans.
In addition to the support for SMEs in Kenya, the developmental impact of the proposed WBC loan is enhanced by a number of socially responsible initiatives in Kenya that VCB currently sponsors.
Speaking about this successful transaction, Dr. Yogesh Pattni, Chief Executive Officer of VCB, remarked, “I am extremely delighted about the partnership between ourselves and WBC culminating in a long-term loan of $10 million with the guarantee of OPIC. This credit facility reflects the good standing of VCB and its strong asset base. The financing also demonstrates the confidence of international lenders in the Kenyan banking sector. It is very humbling to note that VCB is the first institution in the Kenyan banking sector with which WBC has partnered. Nimai, a boutique investment banking and financial advisory firm that focuses on raising capital for financial institutions in emerging markets, was VCB’s financial advisor and provided valuable support and guidance for the transaction.”
Rob Monyak, WBC’s Executive Vice President and Chief Lending Officer for Eurasia/Africa Lending, said, “We are especially excited to enter the Kenyan market with a loan to VCB, a first-rate lending institution with a demonstrated commitment to servicing SMEs. Moreover, through VCB, we will be able to provide critically-needed financing to women entrepreneurs, thereby enhancing the developmental impact of our lending.”