FSD Kenya Welcomes GBP 17.14M Commitment From UK Aid to Initiate New Phase of Financial Sector Development

FSD Kenya welcomed a GBP 17.14m commitment from UK Aid yesterday, part of a GBP 320m package that will initiate an ambitious new phase of financial sector development across the continent. Announced ahead of the UK-Africa Investment Summit London, the package includes an overall additional GBP 220m for nine existing Financial Sector Deepening Programmes (FSDs) and £100m to set up and scale five new FSDs in high-priority markets, including Ethiopia, Ghana, Sierra Leone, Zimbabwe and the West African Monetary Union.

The new commitment, announced by the UK’s International Development Secretary, Alok Sharma, represents the start of an important new approach to financial sector development in sub-Saharan Africa. The package from UK Aid recognizes that a comprehensive, integrated approach to financial market development in Africa is required to realize the continent’s potential and help meet the United Nation’s global goals.