Sidian Bank Launches Covid-19 Wash Loan Facility

Left: Timothy Gitonga, Chief Commercial Officer, Sidian Bank: Middle: David Bolo, General Manager, Davis & Shirtliff: Joshua Kibet, Country Representative, Aqua for All, Kenya. [PHOTO/ COURTESY]

Sidian Bank in partnership with Aqua for All has launched a 4 Million Euros Ksh508 million) Covid -19 Wash loan facility. Sidian Bank formerly Krep Bank, Aqua for All and Davis and Shirtliff have come together to provide support in bridging the service and financial gaps in the water and sanitation sector.

This partnership is aimed at mobilizing additional resources in support of the Government’s Emergency Response for COVID-19 pandemic. Aqua for All, the Dutch Non Profit institution gave a 4 Million Euros grant that aims to be provided through Sidian Bank. The solution, a Covid – 19 Response (WASH) loan facility aims at targeting MSME’s in the water and sanitization value chain sector.

The COVID-19 pandemic having affected Kenyans and livelihoods with the institution imperative to scale up innovative solutions for WSPs through short-term financing facilities in working capital, asset and project finance. This partnership is aligned with Aqua for All’s efforts to mobilise public and private capital to facilitate the scale up and sustainability of water and sanitation MSMEs and to achieve SDG 6: Clean water and sanitation for all with the institution will provide Working capitals, LPO financing , Asset financing and any other needs which are meant to address Covid -19 pandemic in the W-A-S-H sector.

Read: Emergency Plus Medical Services (E-Plus) Commissions 2 Portable Isolation Chambers for COVID-19 Patient Evacuations

Speaking during the launch at Four Points Sheraton in Nairobi, the Chief Commercial Officer, Mr Timothy Gitonga “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.”

Speaking virtually from Netherlands Ms Marlies Batterink Regional Program Manager East Africa Aqua for All, “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.”

The bank’s vision has been to be the preferred partner in realizing entrepreneurial potential in the country and to enable entrepreneurs create wealth through provision of transformational financial solutions. The bank has targeted the micro, small and medium enterprise (MSME) sector by providing an array of banking services and solutions. “Empowering our customers is what our brand stands for, which we have been able to do through supporting and financing our customers in the Water, Sanitation and Hygiene sector to a tune of KES. 700 Million. I call upon all MSMEs in the WASH sector to leverage on this opportunity as it will go a long way to benefit the Kenyan economy.” He ended.

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