PROJECT

Projects

Summary of Investment Information

Project Number

49430

Company Name

THE CO-OPERATIVE BANK OF KENYA LIMITED

Date SPI Disclosed

Sep 25, 2024

Country

Kenya

Region

Africa

Projected Board Date

Jun 27, 2024

Environmental Category

FI-2 - Limited

Status

Active

Last Updated Date

Sep 28, 2024

Department

Regional Industry - FIG Africa

Industry

Financial Markets

Previous Events

Approved : Jun 27, 2024
Signed : Jun 28, 2024
Invested : Sep 26, 2024

Sector

Commercial Banking - SME Finance

Project Description

The proposed Project consists of a seven-year senior unsecured loan (with a two-year grace period) of up to US$140 million to the Co-operative Bank of Kenya (Co-op Bank or the Bank), a systemic bank in Kenya and an existing IFC client (the Project). IFC expects to share up to 50% of the risk, on an unfunded basis, with private sector credit insurers under IFC's Managed Co-Lending Portfolio Program (MCPP). The Project will support the Bank in expanding access to its lending program for micro, small and medium enterprises (MSMEs), with a 25 percent carve-out for women-owned MSMEs (WMSMEs).                                                   

Sponsor / Cost / Location

Development Impact

E&S Category Rationale / Risks and Mitigation