Bank gets Sh16.3b from IFC to boost lending
CREDIT: KCB has received an approval for $150 million (Sh16.3 billion) from International Finance Corporation (IFC) to support the growth of its sustainable climate finance portfolio.
The credit line will also help scale-up lending to micro, small and medium enterprises (SMEs) and women-owned businesses.
Group chief executive Joshua Oigara said the funds would also contribute to the economic growth of the economy by helping develop green lending and creating employment, especially for women.
“This financing is aligned with our green financing goals, and will also enable us to expand our financing to SME and special market segments like women and youth-owned enterprises that are critical to the growth of the economy, but are facing acute financing gap,” he said.
Oigara said the financing will complement the government’s effort, through the Micro, small and medium enterprises (MSME) guarantee scheme, to avail funding to the sector.
KCB Bank has embedded environmental sustainability at its strategic, portfolio, and transactional levels across all business areas.
“We are happy to partner with IFC in this innovative financial instrument, which will enable us to support the economy as the country begins recovery from the impact of Covid-19.
It will enable us to open a path for more credit to the small and medium-sized entrepreneurs,” said Oigara.