Fina Bank with branches in Kenya and Rwanda plans to spread its operations in the entire East African region promising to invest $20 million. The bank is targeting to enter the Ugandan market next year. “What is remaining is opening a branch. We shall then focus on extending our services to Burundi and Tanzania by the end of 2008,” Frank Griffiths, the Group Chief Executive Officer announced in Kigali. He is targeting to fund Small and Medium Enterprises (SMEs) in the region after receiving 3 million Euros (about Frw2.34b) from Netherlands Development Finance Company (FMO). Griffiths said the local currency line of credit will allow the bank to provide long-term loans to its customers. The bank offers Smart Business Development Solutions (SBDS) designed to finance SMEs business growth.The SBDS products include working capital loans, asset finance, insurance premium financing and trade finance products. FMO support will help the bank achieve its development goal of creating conditions in which new and existing small businesses could grow and prosper.Ends
