KCB Group is Kenya’s largest bank by assets. FILE PHOTO | NMG
African Development Bank (AfDB) has approved Sh10.3 billion ($100 million) Line of Credit to Kenya Commercial Bank (KCB)
.
The
regional development bank said the line of credit (LOC) will provide
much-needed liquidity support for the development of infrastructure and
energy projects as well as value-addition in manufacturing.
AfDB
said the project is an important contribution towards enhancing job
creation for youth as well as facilitating financial access to
businesses.
During the approval last week, AfDB board
members emphasised the need for KCB to take womenfolk along in all its
interventions in Kenya and neighbouring countries.
“Kenya’s
economy is one of the most vibrant on the continent because of its
diverse resilient characteristics. Both the corporate segment and
established small and medium sized enterprises (SMEs) drive economic
growth.”
“Availability of requisitely priced funds at
matching tenors is therefore a key ingredient towards assisting these
enterprises to thrive sustainably and eventually contribute towards
economic development,” said AfDB.
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