IFC and FMO Partner With I&M Bank To Support SMEs in Kenya
To help smaller businesses across a range of sectors in Kenya access financing for working capital, expansion, and to weather the effects of COVID-19, IFC and FMO, the Dutch entrepreneurial development bank, have announced a loan to I&M Bank Limited of US$50 million.
With IFC contributing US$30 million and FMO contributing US$20 million, the loan will strengthen I&M Bank Ltd.’s regulatory capital position, allowing the bank to boost economic activity in Kenya by lending to small and medium-sized enterprises mainly in the trade, manufacturing and construction sectors.
As part of their support, IFC and FMO will train I&M Bank Limited staff on green financing so the bank can better support green investments, including renewable energy and climate-smart agriculture.
Photo courtesy of Joslyn Pickens.