Kenya’s KCB Bank has received the provision of a $100 million tier-2 capital facility from British International Investment (BII) for climate-related projects and women-led small and medium-sized enterprises (SMEs) in the country.
This will help the bank expand its lending capacity to finance more environmentally, climate-friendly, and women-led projects, including businesses in renewable energy, sustainable agriculture, and green transportation in Kenya.
KCB’s Female-Led and Made Enterprises (FLME) initiative, which helps women, particularly from the informal sector, access finance, will also get a boost from these funds and address issues faced by women in accessing financial credit, such as restrictive policies and cultural barriers.
Chris Chijiutomi, MD and Head of Africa at BII, said, “By providing supplementary capital to KCB Bank Kenya, we are helping to scale investments in climate projects and create more opportunities for women-owned and led businesses—critical to Kenya’s economic development trajectory and a national plan for green growth.”
The funding will also support the 2X Challenge, which helps women entrepreneurs run their businesses smoothly and uphold gender diversity in business. Meanwhile, KCB has provided KShs. 50 billion annually to women-owned businesses and KShs. 150 billion under the FLME initiative since 2022.
