The EIB Global and KCB Bank Kenya signed a €230 million deal to support SMEs, youth and women in Kenya, a partnership in which EIB Global provides a €115 million credit line, which KCB will match.
This is EIB Global’s largest ever financing support to businesses in Kenya to date. The financing is part of Team Europe’s ‘Investing in Young Businesses in Africa’ – IYBA initiative.
A total of €30 million will go to women-led/owned microenterprises. The package will also see €100 million dedicated towards working capital and new investments of SMEs, specifically targeting businesses owned or run by women, in line with the 2X Challenge criteria.
The Gates Foundation will provide technical assistance for the project and address a range of issues that limit women with low incomes from accessing finance – such as lack of collateral or credit history. This support will help to lower the cost of loans to women through digital technology and risk sharing.