AfDB approves Sh 10 Billion Line of Credit to KCB Group

The African Development Bank (AfDB) has approved a US$ 100 million Line of Credit (LOC) to Kenya Commercial Bank Limited (KCB).

The line of credit  resources will go towards enhancing job creation as well as facilitating financial access to businesses.

“The bank’s role is also critical in jobs creation, enhancing output diversification, developing indigenous entrepreneurship and forging trade ties within the region and globally.  Availability of requisitely priced funds at matching tenors is therefore a key ingredient towards assisting these enterprises to thrive sustainably and eventually contribute towards economic development.” AfDB said in a statement.

KCB is currently the largest bank in Kenya in terms of assets, customer deposits as well as loans and advances portfolio.  It offers a wide range of products and services to retail, corporate, institutional and SME clients.