Co-operative Bank and AGF ink US$6.8m deal to boost green energy financing in Kenya

KENYA – The Co-operative Bank of Kenya has signed a loan portfolio guarantee agreement with the African Guarantee Fund (AGF) for small and medium-sized enterprises amounting to Ksh750 million (US$6.8 million) to boost financing of green transactions in Kenya. The guarantee facility will enable the bank, on the one hand, to strengthen its commitment to financing Micro, Small and Medium-Sized Enterprises (MSMEs), and promote emerging corporates in Kenya that are involved in green energy and solar installation projects. According to data from the International Renewable Energy Agency (IRENA), increased demand and…

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IFC, Co-op Bank and Philips in US$281m deal to support SMEs in health sector in Africa

KENYA – The International Finance Corporation (IFC), part of World Bank Group, has announced partnerships with health technology firm Philips and the Co-operative Bank of Kenya to help small businesses in the health sector purchase essential medical equipment and strengthen their response to Covid-19 and other pressing healthcare challenges. The deal is designed to provide risk-sharing facilities to help small businesses access up to US$281 million in loans and leases. The partnership with is aimed at supporting healthcare providers in Cameroon, Côte d’Ivoire, Kenya, Rwanda, Senegal, Tanzania, and Uganda. The…

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Co-operative Bank of Kenya to get US$15m Swedfund loan for SMEs support

KENYA – The Co-operative Bank of Kenya (Co-op Bank), which is the fourth-largest bank in Kenya by assets, will benefit from a long-term syndicated loan of US$15 million from the Swedish development bank -Swedfund. The Kenyan top tier lender will use the resources to increase its support to Small and Medium Enterprises (SMEs) and finance green projects. “We have an important role in supporting strong and healthy financial institutions like Co-operative Bank to help them to continue lending to local businesses and entrepreneurs. By providing long-term funding to Co-operative Bank that…

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Cooperative Bank’s annual net profit rises by 12.6% to US$143m

KENYA – Cooperative Bank Group has posted a 12.6 per cent growth to KSh14.3 billion (US$136.2m) in net profit for the year ended December 31 lifted by strong growth in non-interest income. Total non-interest income, mainly from fees and commissions on loans and advances, increased by 33 percent from KSh12.8 billion (US$121.9m) to KSh17.3 billion (US$164.8m). Co-op CEO Gideon Muriuki said its mobile wallet dubbed M-Co-op cash was pivotal in the growth of non-funded income as registered customers hit 4.8 million, helping it disburse loans valued at over KSh43.1 billion…

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