Finance

KCB Bank Kenya secures $150mln loan for green projects

KCB Bank Kenya secures $150mln loan for green projects
Wednesday, 17 March 2021 11:57

Kenya Commercial Bank is close to concluding a loan for a maximum amount of $150 million to strengthen its capital and support SMEs that develop environment-friendly projects. Particular focus is on women-led businesses.

$101.7 million of the money will come from the International Finance Corporation (IFC). The Belgian Investment Company for Developing Countries (BIO) will provide $22 million, while the Sanad fund, which finances SMEs in the Middle East and sub-Saharan Africa, and Symbiotics, the investment platform targeting companies in emerging markets, will contribute $15 million and $11.2 million respectively.

“This support from IFC and our partners will help KCB Bank Kenya expand its portfolio of climate-friendly projects and reach smaller businesses at a time when many are facing COVID-19-related challenges. Supporting green projects and smaller businesses will help Kenya recover faster from the current economic slowdown and build a more resilient and sustainable economy,” said Jumoke Jagun-Dokunmu, IFC Regional Director for Eastern Africa.

In October 2020, KCB Group's Kenyan subsidiary obtained a similar $150 million loan from the IFC to finance environmental and climate change projects in the country.

Companies with short-term cash flow needs as well as those seeking to finance expansion in the country will be eligible for loans from KCB Bank Kenya.

Chamberline Moko

On the same topic
NSIA Banque CI securitized bonds begin trading on BRVM First multi-currency deal in UEMOA, fully subscribed Proceeds to boost SME lending,...
Ecobank Côte d’Ivoire reports revenue and profit growth in 2025 Deposits, loans rise; shareholders approve dividend payout Bank targets...
More than CFA1,000 billion received via mobile money in 2024 Total inflows rise 77% to CFA1,354 billion, led by Europe and North...
New SME Growth Fund aims to improve access to long-term capital Initial $30 million could scale up to $100 million over time SMEs remain...
Most Read
01

Mediterrania Capital bought Australian Amcor's Moroccan packaging unit Enko Capital took ov...

Two Other African-focused Private Equity Firms to Snap Up assets shed by Global Majors
02

Enko Capital acquires Servair’s fast-food unit in Côte d’Ivoire, including the Burger King franchi...

Enko Capital Buys Burger King Côte d’Ivoire in Servair Restructuring
03

Central bank to release $1 billion in cash to curb black market demand Move aims to ease inf...

Libya Opens Dollar Sales to Ease Pressure on Dinar and Prices
04

From eastern Chad, where measles and meningitis are spreading through overcrowded refugee camps, to ...

Weekly Health Update | Vaccination Gains Advance in Africa; Antimalarial Resistance Threatens Progress
05

Standard Chartered arranges $2.33 billion for Tanzania railway project Funding support...

Tanzania Secures $2.33 Billion in Syndicated Financing for Standard Gauge Railway
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72


EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.