by: Simona Salvi | 7 May 2024
The Co-operative Bank of Kenya (Co-op Bank) will receive a long-term loan of $25 million from German bank Deg. According to what was specified in a note, the financing will allow the institution listed on the Nairobi Stock Exchange to “establish a credit line intended exclusively for micro, small and medium-sized enterprises (MSMEs) managed or owned by women”.
“This loan is the first granted by Deg in which a guarantee from the European Fund for Sustainable Development Plus (EFSD+) is used to guarantee part of the loan”, specified the German bank, recalling that the EFSD+ “was established in within the EU’s Global Gateway Initiative to strengthen cooperation with the private sector and promote particularly relevant projects in terms of development policy”.
“Deg’s financing comes at just the right time, because there is a great need for greater support for businesses owned or managed by women – commented Gideon Muriuki, CEO of Co-op Bank – it will also strengthen the Bank’s ability to cover the long-term financing needs of SMEs”.
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