NAIROBI, Kenya, Feb 1 – The European Investment Bank (EIB) has agreed to a new US $40 million (Sh4Bn) financing facility with I&M Bank Ltd that will support investment by businesses across Kenya.
Backed by the new EIB facility I&M Bank’s SME, Corporate, and Institutional customers around the country will benefit from cheaper loans.
The new credit line was signed in Nairobi by I&M Bank Kenya Chief Executive Officer Kihara Maina and European Investment Bank executive responsible for EIB business financing outside Europe Robert Schofield.
The signing ceremony was witnessed by European Union Ambassador to Kenya Stefano Dejak and senior executives from I&M Bank Kenya and the European Investment Bank.
Under this credit line, I&M Bank Ltd will advance loans in US Dollars to eligible borrowers up to a maximum of 50 percent of the total cost of each of the projects, which comply with the EIB eligibility criteria undertaken by qualifying private enterprises and public sector entities in Kenya.
“I&M Bank anchors its business model on being a partner of growth for all our key stakeholders. We believe that the funding line from EIB will help our SME, Corporate and Institutional Customers accelerate their business growth and support their expansion efforts,” said Kihara Maina, CEO I&M Bank Kenya.
The financing facility from EIB will complement I&M Bank’s strategic initiatives for its Corporate, Institutional and Business Banking segments.
“The European Investment Bank works in partnership with leading banks around the world to support business investment. This enables thousands of companies to expand, explore new business opportunities and create jobs. We welcome this new cooperation with I&M Bank that will boost business investment across Kenya and look forward to working with I&M across East Africa in the future,” said Schofield.