WBC-Victoria Commercial Bank Ltd (DFC-2018-WBCVICTORIACO)

Countries
  • Kenya
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • US International Development Finance Corporation (DFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
U
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Borrower
Victoria Commercial Bank Limited
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 9.75 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Loan Amount (USD)
$ 9.75 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 10.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Primary Source

Original disclosure @ DFC website

Updated in EWS Jun 27, 2020

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

The Project is expected to have a highly developmental impact by expanding the availability of financing for small and medium enterprises in Kenya. The International Finance Corporation (“IFC”) estimates that SMEs in Kenya face a $6.2 billion financing gap, and that 48 percent of Kenyan SMEs are unserved by financial institutions. 25 percent of Project funds will support women-owned and womenled SMEs. Women-owned and women-led SMEs are underrepresented in Kenya’s formal economy and cite access to finance as the greatest impediment to their growth. The Project Company will receive technical assistance to improve its business  functions as a part of this Project. The Project also aligns with the Government of Kenya’s goal to grow the SME sector by improving their access to finance. The Project aligns with UN Sustainable Development Goal 5 (Gender Equality) by improving women’s rights to economic resources and Goal 8 (Decent Work and Economic Growth) by improving access to financial services for SMEs.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

No contact information provided at the time of disclosure

How it works

How it works