Co-op Bank MSME Loans: The Co-operative Bank has received a Sh. 8.25 billion facility from the International Finance Corporation to support struggling micro and small enterprises in Kenya.
“The funding has come at a most opportune time as it boosts our ability to better support our MSME customers to stabilize and turn-around their businesses to meet the challenges brought about by the pandemic,” Co-op Bank Group Managing Director and chief executive officer Dr. Gideon Muriuki said.
With the multi-billion capital injection from IFC, the bank will further work towards ensuring the key MSME business customers not only survive the economic effects of the Covid-19 pandemic, but also remain operational and viable for the long term. This long-term IFC loan has a tenure of seven years, and has come in as Tier II Supplementary Capital.
“We;ll now diversify the bank’s asset and funding portfolio by increasing long-term funding to support deposits funding and boost the bank’s competitive position on account of affordable lending,” the lender said in a statement.
Apart from MSMEs, the businesses undertaking Climate-Smart Projects, including Agricultural inputs and sustainable agricultural practices, Renewable Energy, Energy Efficiency and related areas, will also benefit from these funds. Co-op Bank MSME Loans.