The European Investment Bank (EIB) has agreed a new US $ 40 million financing facility with I&M Bank Ltd that will support investment by businesses across Kenya.
I&M Bank’s SME, Corporate, and Institutional customers around the country will benefit from cheaper loans.
The new credit line was signed in Nairobi by Kihara Maina, CEO I&M Bank Kenya and Robert Schofield, responsible for EIB business financing outside Europe.
This means that I&M Bank Ltd will advance loans in US Dollars to eligible borrowers up to a maximum of 50% (fifty per cent) of the total cost of each of the projects, which comply with the EIB eligibility criteria.
Kihara Maina, CEO I&M Bank Kenya noted, “I&M Bank anchors its business model on being a partner of growth for all our key stakeholders. We believe that the funding line from EIB will help our SME, Corporate and Institutional Customers accelerate their business growth and support their expansion efforts.”
“The European Investment Bank works in partnership with leading banks around the world to support business investment. This enables thousands of companies to expand, explore new business opportunities and create jobs. We welcome this new cooperation with I&M Bank that will boost business investment across Kenya and look forward to working with I&M across East Africa in the future.” said Robert Schofield.
Witnessing the signing of the agreement, the EU Ambassador to Kenya, His Excellency, Stefano A Dejak, noted, Kenya has a strong and vibrant private sector which is a key driving force of economic growth and employment in the country.
“We are honoured to receive this facility from the European Investment Bank, which affirms our position as a development partner of choice for the SME and Corporate sector aimed at facilitating the country’s economic growth,” concluded Kihara.
The European Investment Bank works with leading banks across Africa to support private sector investment.