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I&M Bank Kenya Chief Executive Officer Kihara Maina (left) and European Investment Bank executive responsible for EIB business financing outside Europe Robert Schofield (right) sign new line of credit for onward lending to the bank’s SME, Corporate and Institutional Customers. The signing was witnessed by EU Ambassador to Kenya Stefano Dejak (centre), I&M Bank Kenya Legal Manager Peris Chege (standing left) and I&M Bank Kenya General Manager, Treasury, Henry Kirimania. |
Nairobi 1st February 2018: The European Investment Bank (EIB) today
agreed a 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 thecountry 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 per cent) 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 honoured 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 the European Investment Bank
The European Investment Bank (EIB) is the long-term lending institution of
the European Union owned by its Member States. It makes long-term finance
available for sound investment in order to contribute towards EU policy
goals.
About I&M Bank Ltd
I&M Bank is a leading commercial bank headquartered in Kenya, with a
growing regional presence currently extending to Mauritius, Tanzania and
Rwanda. Since its inception in 1974, the Bank has evolved from a community
financial institution to a publicly listed Kenyan-based regional commercial
bank offering a full range of Corporate, Business, Premium Client and
Personal banking services.
I&M Bank is wholly owned by I&M Holdings Limited which is listed on the
Nairobi Stock Exchange. CDC Group PLC owns approximately 10.68% of I&M
Holdings. I&M prides itself on its strong values and key strengths of
innovative service and strong customer relationships and through these
pillars, I&M Bank aspires to be the*Corporate and Premium Client Banking
powerhouse in East Africa* through provision of innovative and market
driven banking solutions for its target segments.
For more information visit www.imbank.com
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