The European Investment Bank (EIB) has agreed a new US $ 40 million financing facility with I&M Bank Ltd that will support investment by businesses across Kenya. Backed by the new EIB facility I&M Bank’s SME, Corporate, and Institutional customers around the country will benefit from cheaper loans.
The new credit line was signed in Nairobi by I&M Bank Kenya Chief Executive Officer Kihara Maina and European Investment Bank executive responsible for EIB business financing outside Europe Robert Schofield.
Under this credit line, I&M Bank Ltd will advance loans in US Dollars to eligible borrowers up to a maximum of 50% (fifty per cent) of the total cost of each of the projects, which comply with the EIB eligibility criteria undertaken by qualifying private enterprises and public sector entities in Kenya.
I&M says the facility from EIB will complement its strategic initiatives for its Corporate, Institutional and Business Banking segments.
“The European Investment Bank works in partnership with leading banks around the world to support business investment. This enables thousands of companies to expand, explore new business opportunities and create jobs. We welcome this new cooperation with I&M Bank that will boost business investment across Kenya and look forward to working with I&M across East Africa in the future.” said Robert Schofield.
The European Investment Bank works with leading banks across Africa to support private sector investment. The lender has previously worked with I&M Bank Rwanda on a similar initiative.
The European Investment Bank is the world’s largest international public bank and over the last five years have provided more than EUR 1.5 billion for business investment through credit lines with partner banks in sub-Saharan Africa.