The Co-operative Bank of Kenya (Co-op Bank), which is the fourth-largest bank in the country by assets, will benefit from a long-term syndicated loan of $15 million from the Swedish development bank -Swedfund. The Kenyan bank will use the resources to increase its support to SMEs and finance green projects.
“We have an important role in supporting strong and healthy financial institutions like Co-op Bank to help them to continue lending to local businesses and entrepreneurs. By providing long-term funding to Co-op Bank that has its background and a strong footprint in rural areas with a clear and focused agenda for SMEs - and green finance we can support inclusive and sustainable growth, in particular in the currently challenging environment,” said Maria Håkansson, Head of Swedfund.
This new credit line is part of an overall $75 million financing mobilized by the Kenyan bank from a consortium, led by the International Finance Corporation. The amount will also strengthen Co-op Bank’s capital.
Over the first half of 2020, Co-op Bank granted loans up to KSh270.7 billion ($2.4 billion) to its clients, higher than the KSh255.8 billion granted the same period in 2019.
Chamberline Moko
• Investors seem to keep focusing on yields, which are high for the moment• New Leadership might see...
• Qatar Airways and Kenya Airways establish strategic agreement, introducing a third daily flight be...
• ECOWAS Bank funds 47.7-km stretch of strategic 700-km road project• Lagos-Calabar highway seen boo...
• EY is preparing to leave Francophone Sub-Saharan Africa by 2026• The exit could unlock $500 m...
• Inflation within the West African Economic and Monetary Union (UEMOA) fell to a two-year low of 0....
• Ghana signs a deal with eLearning Africa to expand digital learning access across the country.• The partnership focuses on deploying modern digital...
Ghana launches the Oncology Nurse Leadership Program (ONLEP) to train specialized oncology nurses from seven African countries. The five-year...
Ivanhoe Mines signs deal covering 100% of Kamoa-Kakula smelter’s copper output. The smelter will process up to 500,000 tonnes annually, starting at...
African gas projects drive significant contracts for Asian shipbuilders, especially for Floating Liquefied Natural Gas (FLNG) units. South Korean...
Kolmanskop offers a haunting blend of lost wealth, colonial history, and the unstoppable force of nature. Located just a few kilometers inland from...
Located about 40 kilometers from Cape Town’s city center, Boulders Beach in Simon’s Town is one of the Cape Peninsula’s most iconic destinations. This...