KCB Group has acquired a Ksh.18 billion ($150 million) loan from World Bank’s International Finance Corporation (IFC) to finance climate-related projects.
The funding is expected to focus on supporting energy-efficient projects, renewable energy, climate-smart projects and green buildings.
In addition to making the disbursements, the IFC is expected to support KCB in developing a climate finance strategy and building capacity for climate risk assessment and reporting.
“We continue to play our role in climate mitigation and adaptation in Kenya in realization that business is no longer just about profits but ensuring that we also take care of our environment, ensuring the sustenance of the current and future generations,” stated KCB Group CEO Paul Russo.
“KCB is stepping in to help businesses curtail the adverse impacts of climate change, thus boosting economic growth, food security and job creation in Kenya and building resilience.”
The financing comes as KCB accelerates sustainable funding across the East Africa region.
The lender presently targets to transition 25 per cent or a quarter of its total loan portfolio to green investments by 2025as part of its net zero ambition.
In 2020, KCB Bank Kenya which represents KCB’s Kenyan unit received accreditation from the United Nations Green Climate Fund (GCF) as the first intermediary for the implementation of green financing in East Africa.
The accreditation paved the way for the lender to receive funding from the GCF for on lending to institutions involved in the development of green-climate resilient investment projects.
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