HEVA Injects a KES 90 Million worth of Investment in the Creative Sector
HEVA fund has invested KES 90 million (Euro800, 000) into the Kenyan creative industry as it seeks to provide technical and credit assistance in order to realize ideas come to life. The fund signed a credit agreement with Agence Francaise de Development (AFD) and is the first investment AFD has pursued in Africa which will give financial support to businesses in Nairobi and technical assistance to businesses in the East African region.
HEVA fund aims in providing technical and credit support to businesses with not more than KES 50 million in annual sales revenue and at least 5 permanent members of staff.
This investment, signed on the 21st June 2018 is truly welcome in the creative industry and will go a long way in unlocking the potential, talents, create jobs for young people and export Kenya’s culture to the world.
Creatives struggle in terms of access to market for their art, acquiring credit for projects they would want to pursue and finding a credit facility that believes in them, their art and sees art as a livelihood. HEVA fund has invested in more than 20 creative businesses since 2013 ranging from crafts, fashion, and digital content and décor value chains and helps them build highly profitable businesses. This Investment is a step in the right direction.
Feature image credit: http://www.hevafund.com