Kenya Commercial Bank (KCB) and Proparco have signed a Ksh12.4 billion (USD94 million) deal to finance climate-related investment projects and empower women entrepreneurs in Kenya.
In a statement on Thursday, May 16, KCB revealed that the deal was signed on the sidelines of the 2024 Africa CEO Forum in Kigali Rwanda. Proparco is a subsidiary of Agence Française de Développement (AFD) Group and is contributing Ksh7.86 billion (USD60 million).
"Climate change is the defining issue of our time. This credit line enables us to scale up our financing efforts to accelerate the green transition in Kenya, build on the success of our women proposition, and ultimately contribute to a more inclusive, sustainable, and resilient development," Paul Russo, KCB Group CEO remarked.
On the other hand, Proparco CEO Françoise Lombard stated that the organisation was delighted with the partnership and was committed to reducing inequalities and protecting the planet. He added, "KCB's efforts to contribute to Kenya's economic growth and resilience make it a key partner for Proparco".