NCBA Group has inked a Ksh6.6 billion (USD 50 million) facility with Proparco a subsidiary of the AFD Group focused on private sector development.
The funding will go towards delivering NCBA`s “Change The Story” sustainability agenda.
Through the deal with Proparco, NCBA Group will enhance sectoral investments in agriculture and manufacturing as well as join the 2X Challenge, an initiative promoting women in entrepreneurship and SMEs.
The 2X Challenge is an initiative launched by international financial institutions in 2018 to advance opportunities for women and increase financing towards gender equality.
The project is expected to finance more than 1,600 MSMEs and SMEs, in the context of the Choose Africa initiative, the Agence Française de Dèvelopment (AFD) Group program that aims to support African entrepreneurs.
“We are grateful to Proparco for coming on board and enabling us to meet our Sustainability commitments. As NCBA, collaborative efforts and strategic partnerships are integral to the value that we deliver to all our stakeholders,” said NCBA Group Managing Director (MD) John Gachora.
“I believe that with this partnership, we will deepen our shared goals to fostering sustainable economic development and advancing the cause of green finance, women empowerment and SME growth,” added Gachora.
In line with its 2023-2027 strategy, Proparco is partnering with NCBA to walk the route of implementing its sustainability strategy across the country, notably toward green financing, women-led firms, and SMEs.
“NCBA Group endorses the same goals and values as Proparco. The positive role they play in tackling climate change through green projects, as well as social inequalities, resonates with our 2023-2027 strategy,” said Emmanuel Haye, Head of Financial Institutions Africa at Proparco.
“We are certain that this collaboration will enhance financial inclusion in Kenya, especially for women entrepreneurs, as the project has qualified for the 2X Challenge.”