KCB Bank Kenya to get USD 150 million from IFC to support SME's and MSME'sDevdiscourse News Desk | Nairobi | Updated: 14-10-2020 11:16 IST | Created: 14-10-2020 11:16 IST
The International Finance Corporation (IFC) has approved a fund of USD 150 million for KCB Bank Kenya to support the growth of the Bank's sustainable climate finance portfolio and scale-up lending to micro, small and medium enterprises including women-owned businesses, according to a news report by Capital Business.
KCB Bank has said that the credit amount of USD 150 million will contribute to the economic growth of the Kenyan economy by helping develop green lending and creating employment, especially for women.
Joshua Oigara, KCB Group Chief Executive Officer and Managing Director has said that the financing is aligned with the bank's green financing goals, and will also enable it to expand its financing to SME and special market segments like women and youth-owned enterprises that are critical to the growth of the economy.
Further, he added that the financing complements Government's effort, through the MSME guarantee scheme, to avail funding to this important section of the economy.
"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.