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Browsing: Finnfund
- The $100 million loan has been disbursed for onward lending.
- Coop Bank CEO says the funding “is most timely in view of the great need to better support our business customers.”
- The long-term tenure of the facility has significantly boosted Coop Bank’s ability to offer credit to SMEs.
The Co-operative Bank of Kenya has received a long-term seven-year funding amounting to $100 million from a consortium of financial institutions to empower Kenyan SMEs.
SMEs are a major source of employment in Kenya, providing jobs to a large number of people, especially in rural areas. They absorb a significant percentage of the labor force, thereby reducing the burden on the formal job market.
With a strong focus on climate and impact, the consortium lead DEG offers financing, advice and support to private sector enterprises operating in developing and emerging-market countries.
Loan to empower Kenyan SMEs
The loan is a Tier II …