Member News: Gulf Bank in Deal to Finance Women in Mining Industry
SME Finance Forum member Gulf African Bank has signed a deal to finance women in the mining industry. The lender is partnering with the Association of Women in Energy and Extractives Kenya (AWEIK). Under the partnership, women who are interested in supplying items to mining industry players will submit their invoices to the mining, oil and gas companies, obtain local purchase orders (LPOs) and then use these LPOs to apply for loans from Gulf Bank.
To qualify for the funding, businesses must be women-led and women-run. Additionally, at least 50 per cent of the business’ team should be women.
“If you are a woman in business along the oil, gas and mining value chain and you happen to secure yourself an LPO from a company and you go to Gulf, they will give you 100 per cent financing,” said AWEIK official Alaka Lugonzo, speaking during the group’s tour of the Base Titanium mining factory in Kwale on Friday.