Customers at Kenya Commercial Bank (KCB). [Photo/theeastafrican]Kenya Commercial Bank (KCB) has been approved Sh10.3 billion ($100 million) Line of Credit by African Development Bank (AfDB).
The line of credit (LOC) will provide much-needed liquidity support for the development of infrastructure and energy projects as well as value-addition in manufacturing said The regional development bank.The project is an important contribution towards enhancing job creation for youth as well as facilitating financial access to businesses added AfDB.Last week during the approval, AfDB board members emphasized the need for KCB to take womenfolk along in all its interventions in Kenya and neighboring countries.“Kenya’s economy is one of the most vibrant on the continent because of its diverse resilient characteristics. Both the corporate segment and established small and medium-sized enterprises (SMEs) drive economic growth.”AfDB further said, “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.”