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Kenya: AfDB greenlights $100ml line credit to KCB to boost private sector
The African Development Bank (AfDB) Thursday agreed to support Kenya’s leading bank Kenya Commercial Bank Limited (KCB) in its assistance for local companies with $100 million Line of Credit (LOC).
The credit, the Abidjan-based institution noted ‘’ will provide much-needed liquidity support for the development of infrastructure and energy projects as well as support value-addition in manufacturing and providing the youth.’’
With the credit, KCB will further assist established SMEs in Kenya to assess financial resources and participate in the growth of the eastern African country through job creation.
The Pan-African bank also in statement added that it seeks through the LOC contribute to KCB’s efforts to broaden access to financing for the private sector.
It also noted that its intervention falls within its Ten Year Strategy, 2013-2022, as well as one of the Bank’s High 5 Strategic priorities of improving the living conditions of Africans.
The Eastern African country though embroiled in political disputes with August Presidential elections annulled and Thursday re-run tainted by violence and boycott, still represents the most ‘vibrant’ economy of the region and the continent.
KCB also present in neighboring countries such as Uganda, Rwanda, Burundi, South Sudan and Tanzania is the largest bank of Kenya in terms of assets, customer deposits, and loans as well as advances portfolio.
It in 2016 made net profit of $226 million, representing a 18 per cent growth compared to 2015 figures at the same period.
