Kenyan bank, IFC ink deal to spur access to climate finance

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IFC
IFC

Kenya’s KCB Bank and International Finance Corporation (IFC) on Wednesday signed a partnership deal that will help boost the growth of climate finance by increasing support for businesses addressing climate change.

Under the deal, the IFC will extend a 150-million-U.S.-dollar loan to KCB Bank Kenya to fund the growth of the bank’s climate finance portfolio, with a specific focus on financing the development of energy efficiency projects, renewable energy, climate-smart projects, and green buildings.

IFC Country Manager for Kenya Amena Arif said recurring natural disasters like droughts and floods have impacted the livelihoods of Kenyans and the country’s economic development.

“The private sector can play a significant role by mobilizing financial resources to help finance the country’s green transition,” Arif said in a statement issued in Nairobi, the capital of Kenya.

He said the partnership will increase access to climate finance in the country and enable the development of more green projects that support Kenya to respond to the effects of climate change and shift to a greener development model.

Kenya has committed to reducing national greenhouse gas emissions by 32 percent through integrating climate change adaptation into national and county-level development planning by 2030.

“We continue to play our role in climate mitigation and adaptation in Kenya in the realization that business is no longer just about profits but ensuring that we also take care of our environment, ensuring the sustenance of the current and future generations,” said KCB Group CEO Paul Russo.

He said KCB is stepping in to help businesses curtail the adverse impacts of climate change, thus boosting economic growth, food security, and job creation in Kenya and building resilience.

Kenya is vulnerable to climate change and the latest World Bank’s Economic Update estimates that about 5 million people need food assistance due to drought and rising food insecurity. Enditem

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