IFC to offer climate risk advisory services to banks in Sh219m deal

The International Finance Corporation (IFC) is set to offer advisory services to Kenyan banks in a $1.5 million deal (Sh219 million) to help the lenders in climate risk mitigation.

The project will see the global financier provide knowledge through training and workshops on climate risk analytics, assessments, and best management practices. The risks posed by climate change to banks and insurers include higher defaults from disruption of enterprises, a jump in insurance claims and the destruction of assets.