African Development Bank (AfDB) has approved Sh10.3 billion ($100 million) Line of Credit to Kenya Commercial Bank (KCB) #ticker: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.