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KCB Bank Kenya secures $150mln loan for green projects

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

(Ecofin Agency) - 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





 
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ECOFIN AGENCY offers a selection of articles translated from AGENCE ECOFIN. Founded in 2011, Agence Ecofin is a leader in Francophone Pan-African economic news, particularly in West and Central Africa. The agency publishes daily news on nine African economic sectors: Public Management, Finance, ICT, Agribusiness, Energy, Mining, Transport & Logistics, Communication, and Training.

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