NAIROBI, April 9 (Xinhua) -- International Finance Corporation (IFC), the private sector arm of the World Bank Group, will extend a 10 billion shillings (100 million U.S. dollars) subordinated loan to Equity Bank to support financial inclusion and green finance in Kenya.
Jumoke Jagun-Dokunmu, regional director for Eastern Africa at IFC said that the IFC's loan facility will assist Equity Bank in increasing its capital base and expanding its lending program to SMEs and climate finance operations that support renewable energy, green buildings, energy efficiency, and climate smart agricultural projects in Kenya.
"Our loan to Equity Bank helps an existing client expand and strengthen its lending in key areas. It promotes IFC's climate action strategy in the financial sector, mainstreaming climate across different areas, including small and medium businesses," Jagun-Dokunmu said in a statement released in Nairobi.
The new loan supports the World Bank Group's Climate Action Plan, which aims at increasing IFC's global climate-related portfolio to 28 percent by 2020, with a total potential financing of 29 billion dollars annually by 2020.
