The European Investment Bank (EIB) granted Wednesday 31 January, a loan of 40 million dollars to the Kenyan bank I & M Bank in favor of start-up companies in the country.
According to Robert Schofield, executive director of the European Bank in charge of financing companies outside Europe, with this financing, I & M Bank will grant loans to startups who can finance 50% of the projects they undertake. “Eligible borrowers for this line of credit will get a maximum of 50% of the total cost of the project they undertake.”
For I & M Chief Executive Officer Kihara Maina, “the money will complement the bank’s ongoing lending activities for its corporate, institutional and commercial banking sectors. “I & M Bank is anchoring its business model by being a growth partner for all our key stakeholders. We believe the European Investment Bank’s line of financing will help our SMEs, corporates and institutional clients accelerate the growth of their business and support their expansion efforts. ”
EU Ambassador to Kenya Stefano Dejak said Kenya has a strong and vibrant private sector that is a key driver of economic growth and employment. “The EU attaches great importance to dialogue and engagement with this sector,” he added.
I & M Bank is a private commercial bank headquartered in Kenya, with a growing regional presence currently extending to Mauritius, Tanzania and Rwanda. In Kenya, the bank’s network currently extends to 36 branches serviced by more than 900 staff.