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

Countries
  • Kenya
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
Bank Risk Rating
U
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Borrower
Victoria Commercial Bank Limited
The holder of the loan, grant, or other investment.
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, converted to USD$. 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, converted to USD$. 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, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ DFC website

Updated in EWS Jun 27, 2020


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Project 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
  • US International Development Finance Corporation (DFC)
Contact Information

No contact information provided at the time of disclosure