NCBA Group has secured a $50 million (Sh6.73 billion) loan from French development finance institution Proparco for its sustainability initiatives.
This strategic partnership will see a portion of the funds, 60%, directed explicitly towards empowering small and medium-sized enterprises (SMEs).
The remaining 40% will be channelled towards businesses that actively contribute to combating climate change risks.
“As NCBA, collaborative efforts and strategic partnerships are integral to the value that we deliver to all our stakeholders,” NCBA’s chief executive, John Gachora, said.
“I believe that with this partnership, we will deepen our shared goals to foster sustainable economic development and advance the cause of green finance, women empowerment, and SME growth,” he said.
This facility, earmarked to drive green financing and women’s economic empowerment initiatives in Kenya, aligns not only with NCBA’s 15 Sustainability Commitments under Change The Story platform but also with Proparco’s 2023-2027 strategy. #NCBAChangeTheStory #NCBATwendeMbele pic.twitter.com/u4EVFCotWx
— NCBA Bank (@NCBABankKenya) March 18, 2024
The collaboration with Proparco, an Agence Française de Développement (AFD) Group subsidiary, further strengthens NCBA’s position as a champion for sustainable development and inclusive economic growth.
This loan builds upon NCBA’s relationship with the AFD Group, highlighting their ongoing dedication to fostering positive regional change.
At the end of December 2022, NCBA Group had a €7.8 million (Sh1.14 billion) loan from AFD, with a €5.5 million (Sh804 million) principal balance.
