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The deal will see Equity, which has a KSh1.3 trillion asset base, take over KSh945 million in loan assets from struggling Spire Bank and deposit liabilities of KSh1.3 billion.
The loan to KCB is part of IFC’s growing work in Kenya to increase the amount of climate financing available.
Kenya is in breach of East Africa’s FX reserve policy, where members are expected to have above 4.5 months of import cover at all times.
The deal comes from KCB’s acquisition of Rwanda’s Bank Populaire Du Rwanda (BPR) in 2021.
Futuremakers builds on the success of Standard Chartered Bank’s Seeing is Believing (SiB) initiative to tackle avoidable blindness and visual impairment.