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by Sydney
Political Cartoonist and Commentator


Sydney

Oct 23, 2020

KCB Bank Secures US$150 million from IFC to Support Lending


The Kenyanpost news

Kenya Commercial Bank Limited has secured US$150 million credit from the International Finance Corporation (IFC), for onward green lending which will mostly  target 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.

The lender had announced that it had restructured loans in excess of 100 billion by midyear due to COVID-19.

The Central Bank of Kenya had earlier projected that at least 75 percent of small and medium enterprises could reduce operations without necessary credit support by June this year as the government remains vigilant of a possible coronavirus second wave.

 
“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 open a path for more credit to the Small and Medium-Sized entrepreneurs,” Oigara said.

“The financing is in line with our sustainability agenda to support a climate-resilient economy and reinforces the Bank’s commitment to the Principles of Responsible Banking.”
In 2019, KCB Group joined 30 other lenders globally under the auspice of UNEP- FI to develop and launch Principles for Responsible Banking that are guiding tools for global banking industry players aspiring to run sustainable businesses.

Since 2015 KCB Bank has incorporated Social and Environmental Management System (SEMS) into the lending process making it the ideal partner for this facility in Kenya.

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