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The credit line is open for SMEs to finance capital goods purchases from India in the push to boost technology transfer from the Asian nation. Earlier in 2023, India announced a USD 250 million line of credit to Kenya for the modernization of its agricultural sector.
State-owned Kenya Development Corporation (KDC) is stepping up lending to the country’s small and medium-sized businesses under a Sh2 billion ( USD 1.5 million) low-cost credit line supported by India’s Export-Import Bank.
The credit line is open for SMEs to finance capital goods purchases from India in the push to boost technology transfer from the Asian nation. Earlier in 2023, India announced a USD 250 million line of credit to Kenya for the modernization of its agricultural sector.
The agreement to this effect was signed between Indian Prime Minister Narendra Modi and Kenyan President William Samoei Ruto when the latter visited India in 2023. Both leaders agreed to strengthen bilateral ties in the fields of defense, trade, energy, digital public infrastructure, and healthcare.
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After the Modi-Ruto talks, the two sides signed five pacts providing for cooperation in a range of areas including sports, education, and digital solutions, and unveiled a joint vision document to scale up maritime engagement in the Indian Ocean region.
