IFC, a member of the World Bank Group, The SANAD Fund for MSMEs (SANAD), the Belgian Investment Company for Developing Countries (BIO), and Symbiotics today announced a loan to KCB Bank Kenya to help the bank increase lending for climate-friendly projects and to smaller businesses, especially those owned by women.
The loan of up to $150 million will strengthen KCB Bank Kenya s capital base and allow it to finance eligible projects and businesses, many of which are facing COVID-19-related challenges, including challenges accessing working capital and funds for expansion. Of the $150 million, IFC contributed $101.75 million and mobilized $22 million from BIO, $15 million from SANAD Fund, and $11.25 million from Symbiotics.