Thousands of Kenyans are set to benefit after KCB Bank Kenya secured a US$100 million (KSh12.9 billion) financing facility from the European Bank for Reconstruction and Development (EBRD) to expand lending to micro, small and medium enterprises (MSMEs).
In a statement issued by KCB Bank on July 29, the financing is expected to increase access to credit for businesses across the country, reinforcing KCB’s support for entrepreneurship, job creation and sustainable economic growth.
“KCB Bank Kenya has secured a US$100 million (KShs. 12.9 billion) financing facility from the European Bank for Reconstruction and Development (EBRD) to expand access to credit for micro, small and medium enterprises (MSMEs), reinforcing the Bank’s commitment in supporting entrepreneurship, job creation and sustainable economic growth across Kenya,” read the bank’s statement.
Women, Youth and Green Businesses Get Biggest Share of KCB’s KSh12.9 Billion Fund
Under the financing agreement, 35 percent of the US$100 million (KSh12.9 billion) facility will be allocated to women- and youth-led businesses, while 30 percent will finance eligible green investments.
The bank noted that the green financing will support businesses adopting climate-smart technologies and sustainable business practices, helping accelerate Kenya’s transition to a greener economy.
Speaking during the signing ceremony, EBRD Managing Director for Sub-Saharan Africa, Dr. Heike Hargart, said the partnership demonstrates the bank’s commitment to unlocking the potential of Kenya’s private sector.
She noted that the investment is EBRD’s first in Kenya’s financial sector, adding that the funding will channel more financing to MSMEs, which are key drivers of job creation and economic growth, while creating more opportunities for women and young entrepreneurs.
“This investment marks our first investment in Kenya’s financial sector. By partnering with KCB Bank, we are helping to channel much-needed financing to MSMEs, the engines of job creation and economic growth. We are particularly pleased that this facility will contribute to the transition to a greener economy and will expand opportunities for women and young entrepreneurs, whose success is critical to Kenya’s long-term prosperity,” she said.
KCB to Receive Technical Support as It Expands Green Lending
Beyond the US$100 million (KSh12.9 billion) financing, the European Bank for Reconstruction and Development (EBRD) will provide KCB Bank with technical assistance to strengthen its green lending capabilities.
The support will include specialized training, advisory services, and technical expertise aimed at enhancing the bank’s capacity to finance environmentally sustainable investments.
KCB Bank Kenya Managing Director Annastacia Kimtai said the facility will strengthen the bank’s ability to provide affordable financing to small and medium-sized enterprises, particularly businesses that have traditionally faced challenges accessing credit.
She added that KCB will continue increasing investments in renewable energy, climate-smart agriculture and other green projects that support Kenya’s climate ambitions while creating long-term economic value.
Follow our WhatsApp Channel and X Account for real-time news updates.
Comments
No comments yet. Be the first to share your thoughts.