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Supporting the sustainable strategy of NCBA Kenya

Project

Signature date
Location
Kenya
Financing tool
Loan
Financing amount (Euro)
46296296
Financing details
USD 50m loan
Customer
NCBA Bank Kenya PLC
Type of customer
Financial institution
Country of headquarters
Kenya
Project number
PKE1148
Environmental and social ranking
IF-A
Climate co-benefits
Project with climate co-benefits
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This project is part of the 2X Challenge initiative.
Mention 2X Challenge UK

This information is given at the time of signature, without prejudice to any developments in the operation/project.

A leading bank in Kenya, NCBA Kenya is benefiting from Proparco’s support for the implementation of its objective of contributing to the sustainable development of the country.

Client presentation

NCBA Group is a full-service banking group providing financial products and services to corporate, institutional, SME and consumer banking customers. The Group operates a network of more than 100 branches in Kenya, Uganda, Tanzania, Rwanda, and Côte d'Ivoire. Serving over 60 million customers, it is the largest banking group in Africa by customer numbers and plays a key role in supporting Africa’s economic ambitions. The Bank is a leader in Corporate Banking, Asset Finance and Digital Banking.

Project description

The senior term loan facility amounting to USD 50m will support the sustainability shift of NCBA Kenya, a leader in the Kenyan banking market. The proceeds of the loan will be used to finance climate projects (40% of the funds), gender projects (30%) and SME projects (30%). 

Project impact

The expected impacts of the project are:

  • Support for more than 41,800 jobs through the bank’s portfolio companies over the next 5 years
  • Support for 1,630 MSMEs and contribution to the “Choose Africa” initiative
  • Contribution to climate action by directing 40% of the proceeds to finance climate sub-projects
  • Contribution to gender equality via a commitment to use 30% of the proceeds for gender sub-projects (30%). The project qualifies under the 2X Challenge (meeting the employment and portfolio criteria).

The project will contribute to SDG 5 (“Gender equality”), SDG 8 (“Decent work and economic growth”) and SDG 13 (“Climate action”).