Kenya Commercial Bank(KCB) Limited has obtained US$150 million credit from the International Finance Corporation (IFC), for onward green lending.
This credit also targets small and medium-sized enterprises, especially those that are run by women and the youth.
KCB Bank is one of the lenders that has embedded environmental sustainability at its strategic, portfolio, and transactional levels across all business areas.
“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,” said Joshua Oigara- KCB Group Chief Executive Officer & Managing Director.
This IFC credit support complements Kenya’s plan, through its recently launched credit guarantee scheme, to provide financial support to small businesses, especially those hit by effects of the COVID-19 pandemic.
“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,” Oigara said.
KCB Group, was last year, the only East African Bank lender among 30 other global banks under the auspice of UNEP- FI to develop and launch Principles for Responsible Banking-these are guiding tools for international banking industry players aspiring to run sustainable businesses.
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