Investment group International Finance Corporation (IFC) plans to invest 12.18 billion shillings ($100 million) in Nairobi-listed Diamond Trust Bank (DTB) to support small and medium enterprises (SMEs) impacted by Covid-19, Kenyan Wall Street newspaper reported.

The investment will be in senior debt under its Covid-19 emergency response working capital solutions scheme (WCS FIGE).

The WCS FIGE is developed to provide funding to existing IFC client banks in emerging markets that will extend trade or working capital facilities to support the financing needs of companies in countries affected by the pandemic.

The loan will mature in 24 months but can be renewed for up to 36 months.

Firms expected to benefit from DTB’s onward lending have between 10 and 300 employees or annual sales of $100,000 to $15 million, the news report said.

(Editing by Seban Scaria )