Water and Sanitation businesses are set to get a boost with the launch of a 4 million (Ksh 508 million) loan facility by Sidian Bank in partnership with Aqua for All and Davis and Shirtliff.
Dubbed the ‘COVD-19 Wash loan’ facility, the initiative seeks offer support in linking the service and financial gaps in the water and sanitation sector.
It’s also geared towards providing additional resources to back the Government’s Emergency Response for COVID-19.
A 4 Million Euro grant has been offered by Aqua For All, a dutch Non Profit institution. This money will be provided through Sidian Bank to micro and Small Medium enterprises (MSMEs) in the Water and Sanitization industry.
The agreement is also geared towards generating public and private capital to aid the expansion and sustainability of water and sanitation MSMEs and to attain SDG6: clean water and sanitation for all.
Under the partnership, the lender will offer principal capital, LPO financing, asset funding and any other requirements which are meant to address Covid-19 pandemic in the water, sanitation and health (W-A-S-H) sector.
“The safety of Kenyans is paramount. This partnership has come at an opportune time when the country is in dire need of innovative solutions to ensure that we are providing sustainable financial solutions for Kenyans. Sidian Bank is committed to backing the government in combating this pandemic by supporting our customers with financing to sustain WASH services for 2.5 million low-income population affected by COVID-19 in Kenya,” noted Sidian Bank Chief Commercial Officer, Timothy Gitonga.
On her part Ms. Marlies Batterink Regional Program Manager East Africa Aqua for All who spoke virtually said: “We are delighted to partner with Sidian Bank to develop an innovative finance facility in support of water, sanitation and hygiene MSMEs in Kenya and of government efforts to fight COVID-19. The current crisis urges immediate action. Water and sanitation MSMEs must continue operating and expanding their reach to safeguard access to essential services for millions of Kenyans, especially those on low incomes, during the COVID-19 crisis and to pave the way to build the sector’s resilience in the future.”