The International Finance Corporation (IFC), health technology firm, Philips, and the Co-operative Bank of Kenya have partnered to avail KSh30 billion to Small and Medium-Sized Enterprises (SMEs) in the health sector. The facility seeks to help the businesses purchase essential medical equipment and strengthen their response to COVID-19 and other pressing healthcare challenges.
Furthermore, the facility also includes an advisory services programme to help the SMEs strengthen their medical equipment procurement processes, financial management competencies and business planning. The advisory program will also help participating financial institutions to strengthen credit underwriting skills for the healthcare sector.
The partnership aims to support healthcare providers in Cameroon, Côte d’Ivoire, Kenya, Rwanda, Senegal, Tanzania, and Uganda.
Last month, IFC announced that digital technology companies operating in Kenya, Uganda, Ghana, Cote d’Ivoire, Tanzania, Nigeria, Ethiopia, Zambia, the Democratic Republic of Congo, Mozambique, Botswana and South Africa also stand to gain from its $25 million equity investment.