Kenyan climate-focused businesses and women entrepreneurs received a funding boost this week with a $95 million credit line signed between KCB Bank Kenya and Proparco, a subsidiary of the French development agency AFD Group.

The agreement, announced on the sidelines of the 2024 Africa CEO Forum, will see KCB act as a conduit for channeling funds towards environmentally sustainable projects across various sectors. Proparco, leading a syndicate of European Financing Partners (EFP), will contribute $35 million, with the remaining $60 million coming from the EFP.

KCB will prioritize lending to projects with a high social impact, particularly in health and education. Notably, at least 30% of the credit line will be specifically allocated to empowering women entrepreneurs, aligning with the G7 development institutions’ “2X Challenge” for advancing women’s economic participation.

“Climate change is a critical challenge of our era,” said KCB Group CEO Paul Russo. “This credit line allows us to significantly scale up our financing efforts to support Kenya’s green transition, amplify our support for women-led businesses, and ultimately contribute to a more inclusive, sustainable, and resilient development path for the country.”

The project is expected to safeguard nearly 100,000 jobs across the financed sectors, with a particular focus on small and medium-sized enterprises (SMEs) — the backbone of the Kenyan economy. This initiative aligns with KCB’s ongoing commitment to Sustainability and Environmental, Social, and Governance (ESG) priorities. KCB is actively backing 14 Sustainable Development Goals through corporate social investments and promoting sustainable business practices. Notably, the Kenyan bank aims to solidify its position as a leading climate funding partner in the region.