This archive report was first published on 26 November 2021.
Published on November 26, 2021, the European Investment Bank (EIB) has provided a $56 million loan to Kenya's Co-operative Bank to support Small and Medium Enterprises (SMEs) affected by the COVID-19 pandemic.
The long-term loan, repayable in seven years, will enable SMEs to acquire tangible business assets, cover working capital, develop distribution networks, innovate, and conduct business research.
Co-operative Bank CEO Gideon Muriuki has announced that SMEs with up to 250 workers can apply for the loan, with a maximum credit facility of KSh1.5 billion per customer.
Earlier this month, Proparco granted Equity Bank two guarantee facilities, ARIZ and EURIZ, totaling €39 million (KSh5 billion), to further support MSMEs. Proparco also provided a €550,000 technical assistance facility to support Equity Group Foundation's health projects.
Proparco and Equity Bank have been partners for three years, thanks to a $22.8 million loan granted in 2019 and a $100 million loan granted in October 2020, both intended to support the Bank's commitment to Kenya's MSMEs.
