The African Development Bank (AfDB) has approved a US$100 million loan to Kenya Commercial Bank Limited (KCB) to enhance job creation as well as facilitating financial access to businesses.
According to a statement released by the Bank, the line of credit resources will also provide the much-needed liquidity support for the development of infrastructure and energy projects as well as support value-addition in manufacturing.
“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,” the AfDB statement reads in part.
Part of the statement says the provision of the loan to KCB is well aligned with AfDB’s Ten Year Strategy, 2013-2022, as well as one of the Bank’s ‘High Five’ strategic priorities of improving the living conditions of Africans.
The KCB, with branches in the EAC bloc, is one of pioneers in alternative service channels including agency and mobile banking that promote financial inclusion