KCB Bank Kenya and Proparco, a French development finance institution, have signed a significant $95 million deal to support climate-friendly initiatives and women-led businesses in Kenya.
This strategic partnership, announced at the 2024 Africa CEO Forum, will see KCB leverage the credit line for onward lending.
The focus will be on projects prioritizing environmental sustainability and social impact, particularly in health and education.
Notably, 30% of the funds are earmarked for women entrepreneurs, aligning with the G7’s “2X Challenge” for female economic empowerment.
“Climate change is a critical challenge,” said KCB Group CEO Paul Russo.
“This credit line allows us to ramp up green financing in Kenya, bolster our support for women-owned businesses, and ultimately contribute to a more inclusive, sustainable, and resilient future.”
The project is expected to safeguard nearly 100,000 jobs, especially within Kenya’s crucial small and medium-sized enterprises (SMEs).
“We are thrilled to partner with a bank as dedicated to reducing inequalities and protecting the environment as KCB,” said Proparco CEO Françoise Lombard.
“Their commitment to Kenya’s economic well-being makes them a perfect partner.”
KCB has a strong track record of promoting sustainability and ESG (Environmental, Social, and Governance) principles. This new partnership further strengthens their position as a leading green financier in Kenya.
This collaboration goes beyond just funding. It signifies a shared vision for a sustainable and inclusive Kenya, promoting economic resilience, gender equality, and progress towards UN Sustainable Development Goals 13 (Climate Action), 5 (Gender Equality), and 8 (Decent Work and Economic Growth).
