Barclays to fund SME’s
Th International Finance Corporations (IFC) will provide a loan Barclays Kenya of up to $20 million (Kshs 1.6 billion), the proceeds from the Loan will be used primarily to fund medium sized corporates which are in need of US$-denominated funding, and will free up the Bank’s local currency resources for on-lending to smaller corporates.
I&M Bank to fund trade finance
IFC will provide a loan to Investments and Mortgages Bank (I&M Bank) of up to $5 million to support the bank’s growing SME client base and export-oriented segment in Kenya. IFC will also consider providing I&M with equity of up to $2 million (Kshs.160 million) to shore up the bank’s core capital.
Barclays to fund solar energy projects
Barclays Bank of Kenya plans to offer loans to Savings and Credit Cooperatives (SACCOs), which are members of Kenya Union of Savings and Credit Co-operatives (KUSCCO). SACCOs provide financial services to a large section of the adult population in Kenya, and make loans to individuals who do not save with or borrow from mainstream banking institutions. SACCOs receiving loans under this project will provide “solar loans” to their members to purchase solar home systems to be installed by Solagen Ltd. and other leading Kenyan PV technical service providers. The total amount is estimated at $4,6 million (Kshs 368 million) and will be sourced from the IFC.