Original disclosure @ IFC website
Updated in EWS May 10, 2022
Disclosed by Bank Jan 18, 2021
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The proposed Project consists of a 7-year (with 5-year grace) subordinated loan of up to US$75 million to the Co-operative Bank of Kenya Limited (Co-op or the Bank). IFC’s loan will enhance the Bank’s regulatory capital and support its lending program to expand access to finance for MSMEs in Kenya, which are expected to be highly affected by the COVIC-19 pandemic (the Project).
i) Stakeholder effects - Increase in accessibility of finance for MSMEs
Contribution to Market Creation:
i) Resilience: The project is part of a broader IFC FIG's initiative to strengthen the capital base of leading and regionally important banks in Kenya, which is expected to result in systemic improvements in institutions that will contribute to financial market stability and help the market withstand shocks by boosting capital adequacy.
ii) Integration: The Project is expected to contribute to an increase in financial integration in the SME finance market through the promotion of replicable instruments such as Basel II Tier II capital to raise funds for SME banking.
Co-operative Bank of Kenya
Caroline W. Karimi
Director of Finance and Strategy
+254 20 2854686
Haile Selassie Avenue P.O. BOX 48231 - 00100, Nairobi, Kenya
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