AfDB approves USD 100M line of credit to Kenya Commercial Bank
KCB Group, the country’s largest bank by assets, has secured a USD 100M loan from the African Development Bank (AfDB) for onward lending to small and medium sized enterprises (SMEs) in the region.
“The funding is aimed at supporting KCB’s lending in Kenya especially to corporate businesses, small and medium enterprises (SMEs) as well as projects that are critical to the development of Kenya’s economy,” said the multilateral lender in a statement.
Proceeds of the line of credit will provide much-needed liquidity support to, among other sectors, infrastructure, energy and value-addition through manufacturing and important population segments like the youth.
AfDB urged KCB to use the facility to also boost support for women owned businesses in its regional operations.