Chase Bank has signed a $39 million debt facility agreement with French Development Agency, PROPARCO to boost the lender’s expansion strategy and increase its lending power to small and medium-sized enterprises in Kenya.

According to a Milvestor report, the selected SMEs will also receive advisory support and trainings on capacity building and ICT from Chase.

The collaboration will lessen the difficulty faced by Kenyan SME owners and other start-ups in accessing funds to grow their businesses, said Chase Bank CEO Duncan Kabui.

He said the facility would ultimately push-up SME development in the country and help to provide more job opportunities, noting that it was part of the bank’s strategy to expand and develop the economy by providing a viable and conducive environment that would “quickly close the gap of Kenya’s missing- middle class.”

Kabui said the deal with PROPARCO, which promotes private investment in developing countries will last 7 years.