European Investment Bank extends a USD 40 Million financing to I&M Bank

The European Investment Bank (EIB) today agreed on the 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. The signing ceremony was witnessed by European Union Ambassador to Kenya Stefano Dejak and senior executives from I&M Bank Kenya and the European Investment Bank.
Under this credit line, I&M Bank Ltd will advance loans in US Dollars to eligible borrowers up to a maximum of 50% (fifty percent) 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.
Commenting on the agreement, Kihara Maina, CEO I&M Bank Kenya noted, “I&M Bank anchors its business model on being a partner of growth for all our key stakeholders. We believe that the funding line from EIB will help our SME, Corporate and Institutional Customers accelerate their business growth and support their expansion efforts.”
I&M Bank has a strong focus on Corporate, Institutional and Business banking solutions ranging from Trade Finance and Debt Finance to Business Transaction Services with a suite of Cash Management Services, Corporate Internet Banking, E-Commerce, Foreign exchange, Salary Processing, among other services and products.
The financing facility from EIB will complement I&M Bank’s 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.
Witnessing the signing of the agreement, the EU Ambassador to Kenya, His Excellency, Stefano A Dejak, noted, “Kenya has a strong and vibrant private sector which is a key driving force of economic growth and employment in the country. The EU gives great importance in dialogue and engagements with this sector, and I believe that by supporting the private sector, we shall help the Kenyan government support the big four plan for economic prosperity.”
“We are honored to receive this facility from the European Investment Bank, which affirms our position as a development partner of choice for the SME and Corporate sector aimed at facilitating the country’s economic growth,” concluded Kihara.
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 and will continue to partner with I&M Bank Kenya in future.
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.
About Soko Directory Team
Soko Directory is a Financial and Markets digital portal that tracks brands, listed firms on the NSE, SMEs and trend setters in the markets eco-system.Find us on Facebook: facebook.com/SokoDirectory and on Twitter: twitter.com/SokoDirectory
- January 2025 (119)
- February 2025 (191)
- March 2025 (212)
- April 2025 (184)
- January 2024 (238)
- February 2024 (227)
- March 2024 (190)
- April 2024 (133)
- May 2024 (157)
- June 2024 (145)
- July 2024 (136)
- August 2024 (154)
- September 2024 (212)
- October 2024 (255)
- November 2024 (196)
- December 2024 (143)
- January 2023 (182)
- February 2023 (203)
- March 2023 (322)
- April 2023 (297)
- May 2023 (267)
- June 2023 (214)
- July 2023 (212)
- August 2023 (257)
- September 2023 (237)
- October 2023 (264)
- November 2023 (286)
- December 2023 (177)
- January 2022 (293)
- February 2022 (329)
- March 2022 (358)
- April 2022 (292)
- May 2022 (271)
- June 2022 (232)
- July 2022 (278)
- August 2022 (253)
- September 2022 (246)
- October 2022 (196)
- November 2022 (232)
- December 2022 (167)
- January 2021 (182)
- February 2021 (227)
- March 2021 (325)
- April 2021 (259)
- May 2021 (285)
- June 2021 (272)
- July 2021 (277)
- August 2021 (232)
- September 2021 (271)
- October 2021 (304)
- November 2021 (364)
- December 2021 (249)
- January 2020 (272)
- February 2020 (310)
- March 2020 (390)
- April 2020 (321)
- May 2020 (335)
- June 2020 (327)
- July 2020 (333)
- August 2020 (276)
- September 2020 (214)
- October 2020 (233)
- November 2020 (242)
- December 2020 (187)
- January 2019 (251)
- February 2019 (215)
- March 2019 (283)
- April 2019 (254)
- May 2019 (269)
- June 2019 (249)
- July 2019 (335)
- August 2019 (293)
- September 2019 (306)
- October 2019 (313)
- November 2019 (362)
- December 2019 (318)
- January 2018 (291)
- February 2018 (213)
- March 2018 (275)
- April 2018 (223)
- May 2018 (235)
- June 2018 (176)
- July 2018 (256)
- August 2018 (247)
- September 2018 (255)
- October 2018 (282)
- November 2018 (282)
- December 2018 (184)
- January 2017 (183)
- February 2017 (194)
- March 2017 (207)
- April 2017 (104)
- May 2017 (169)
- June 2017 (205)
- July 2017 (189)
- August 2017 (195)
- September 2017 (186)
- October 2017 (235)
- November 2017 (253)
- December 2017 (266)
- January 2016 (164)
- February 2016 (165)
- March 2016 (189)
- April 2016 (143)
- May 2016 (245)
- June 2016 (182)
- July 2016 (271)
- August 2016 (247)
- September 2016 (233)
- October 2016 (191)
- November 2016 (243)
- December 2016 (153)
- January 2015 (1)
- February 2015 (4)
- March 2015 (164)
- April 2015 (107)
- May 2015 (116)
- June 2015 (119)
- July 2015 (145)
- August 2015 (157)
- September 2015 (186)
- October 2015 (169)
- November 2015 (173)
- December 2015 (205)
- March 2014 (2)
- March 2013 (10)
- June 2013 (1)
- March 2012 (7)
- April 2012 (15)
- May 2012 (1)
- July 2012 (1)
- August 2012 (4)
- October 2012 (2)
- November 2012 (2)
- December 2012 (1)