Kenya’s Cooperative Bank has secured a long-term financing facility with the International Finance Corporation (IFC) amounting to KES 10.7 Billion(USD 105 million)
The bank will apply proceeds to of the facility mainly to finance export-oriented enterprises and other institutions who need financing support in foreign exchange
The loan facility with a seven-year tenure will increase Co-op’s long-term funding to Sh26 billion.
IFC, the investment arm of World Bank, has been a major financier for many Kenyan banks including Equity Bank, NIC, DTB and Chase Bank.
This is the second financing Co-op Bank is drawing from the IFC, having already received a $60 million (Sh6.1 billion) loan from the financier in December 2012 for onward lending to SMEs and agribusinesses.
Source; (Reuters,Busines Daily)