PROJECT

Projects

Summary of Advisory Services Project Information

Project Number

606144

Primary Business Area

Financial Institutions Group

Disclosure Date

Jun 29, 2023

Country

Kenya

Region

Africa

IFC Approval Date

Jun 17, 2022

Status

Active

Estimated Total Budget

$514,535.00
(Project budget includes all project-funded activities)

Last Updated Date

Jul 4, 2023

Project Estimated Start Date

Jun 15, 2022

Project Estimated End Date

Dec 31, 2025

Project Description

The project is a technical assistance to the Government of Kenya aimed at assisting in the stabilization and recovery phases of the financial sector in Kenya from the impact of the COVID 19 pandemic, by enhancing the credit information sharing environment. The project will be organized across three main components: i) component 1 - supporting the CIS mechanism, (ii) component 2 - risk-based pricing (RBP), and (iii) component 3 - MSME support. IFC will support the Central Bank of Kenya to strengthen credit reporting supervision, and in their efforts to enhance lending policies and protect customers. This project also supports the private sector through technical assistance to financial institutions such as banks to improve their internal rating models as a key component of compliance and risk-based pricing of credit. Support will also be provided to the Credit reference Bureaus on opportunities to provide additional credit scores targeting MSMEs, usage of alternative data in credit scoring, and awareness to borrowers on consumer protection practices.

Development Results

E&S Risks / Impacts and Mitigation