KCB has secured a $100 million (sh.10 billion) loan, from the African Development Bank, to extend credit facilities to SMEs in Kenya.
The loan was secured Wednesday, 25th October, from the African Development Bank (AfDB). AfdB urged KCB to extend the credit facility to women entrepreneurs in Kenya.
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On this development, A statement from AfDB read, “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.
“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 is a multilateral development bank formed in 1964 to fight poverty in Africa by investing in public and private projects.