KCB Sponsors the Horticultural Sector Fair
KCB Group has announced sponsorship of the Naivasha Horticultural Fair that will be held between September 16th and 18th 2011.
This is the second year running that the bank has outlaid Kshs 4 million in support of the industry showcase reputed as the largest of its kind in the world.
The charity event is expected to attract over 200 exhibitors drawn from all around the world cutting across various support industries to the local horticultural subsector.
Speaking at the media briefing, David Malakwen the KCB Group Company Secretary said the bank was encouraged by the impact of the fair on the business community in Naivasha. More than 200 exhibitors are expected at this year’s event.
“KCB which is the official banker of the trade fair managed to close well over Kshs 230 million in new business in 2010, covering corporate banking, Asset Based Finance, Cash Management Services, Trade Finance, Salary Processing and ATM services,” he said.
The sponsorship comes as the regional bank strives to grow market share, which is expected to boost its subsidiary returns by over 60 percent this year. The bank recently received a KSh9.6 billion loan from the World Bank’s private lending arm, International Finance Corporation (IFC), to support its regional mortgage and SME lending business.
Naivasha is host to about 50 multinational flower and horticultural companies among others. It provides direct employment to an estimated 1000,000 Kenyans. A further 70,000 are employed in related industries like packaging, chemicals, and freight.
“KCB managed to open a total of 3,035 bank accounts during the span of the fair and which indicates the impact and great value that this sponsorship is for the bank”, said Malakwen.
The industry is broadly classified as fruits, vegetables and cut flowers. KCB shall be showcasing its Corporate banking, Asset Based Finance, Cash Management Services, Trade Finance, Mortgage financing and Personal banking is currently exposed to the tune of Kshs 1.2 billion to the sector.
Among other products include a specialized agricultural financing package geared towards SMEs seeking to grow their potentials through value addition in the Horticulture,, dairy, maize, and tea sub-sectors.
Seaking at the event, NHF Chairman Roddy Benjamin expressed confidence in the partnership with KCB in support of the charity fair that aims to uplift the profile of the industry in Kenya and globally.
“Proceeds from this year’s event will go towards local charities including the Rotary Safe House, Naivasha Children’s Shelter, Mary’s Hospital Elementaita and IDP camps in Naivasha among others,” he explained.
The Fair started in 2003 as a charitable initiative but has since transformed into an important industry barometer, attracting managers and directors of almost all the flower farms in Kenya.
With the Kenyan economy anticipated to grow by 5.5% by 2012, driven mainly by agriculture, expansion of trade and continued investment in infrastructure, the bank hopes to position itself to be the preferred financial and advisory services partner for the local SME sector.
This article was originally posted on Africa Agribusiness Platform
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