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Co-op Bank taps Sh14bn from DEG group for MSME lending
The DEG-led Consortium and Co-op Bank teams after sign-off of the $100 Million financing agreement. (From left) Wilfred Apunda - Senior Investment Manager DEG, Michael Fischer - Director Financial Institutions Africa at DEG, Caroline Karimi – Director Finance & Strategy Co-op Bank, Monika Beck - Member of DEG’s Management Board, Dr Gideon Muriuki - Group Managing Director & CEO Co-op Bank, Judy Kinyanjui – Investment Director Norfund and Antje Steiner – Regional Director East Africa at KfW DEG. Partly hidden at the back are William Nyaoke – Regional Director East Africa, Norfund and Sam Kibugi - Company Secretary Co-op Bank. PHOTO | POOL
Co-operative Bank of Kenya has received a $100 million (Sh14.14 billion) long-term loan from a consortium of financial institutions led by DEG for on-lending to micro, small and medium-sized enterprises (MSMEs) in Kenya.
The lender said Friday it has fully received the seven-year tier II facility where DEG, a Germany-headquartered development finance institution and a subsidiary of KfW, acted as the lender, mandated lead arranger and facility agent.
