Co-op Bank gets Ksh6.3B bank loan for SMEs lending
Co-operative Bank of Kenya as secured Sh6.3 billion from European Investment Bank for lending to small businesses to help them recover from the impact of the Covid-19 pandemic.
Werner Hoyer, President of the European Investment Bank and Dr. Gideon Muriuki, Group Managing Director and CEO of the Co-operative Bank of Kenya highlighted how closer cooperation between Kenyan and African financial partners will unlock crucial access to finance by firms impacted.
“COVID-19 has dramatically impacted business activity across Kenya and ensuring new investment is essential to help companies recover from the pandemic.
"The unique partnership between the European Investment Bank and the Cooperative Bank of Kenya has successfully supported private sector investment across Kenya since 2003," Hoyer said.
Muriuki said the lending is part of the bank’s effort to contribute to the recovery of Kenya’s businesses following the Covid-19 challenges.
“The credit facility will be available for up to a maximum of Sh1.5 billion per customer for a maximum ten or of seven years,” he said.