Nairobi 1st February 2017
The European Investment Bank extends a USD 40 Million financing facility to I&M Bank Ltd
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 the country will benefit from cheaper loans.
The new credit line was signed in Nairobi by Kihara Maina, CEO I&M Bank Kenya and Robert Schofield, responsible for EIB business financing outside Europe. The signature ceremony was attended by Stefano Dejak, Ambassador of the European Union to Kenya 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.
Notes to the editor
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.
Press contact: Richard Willis, email@example.com, tel.: +352 43 79 82155 / Mobile: +352 621 55 57 58 Website: www.eib.org/press - Press Office: +352 4379 21000 – firstname.lastname@example.org
Mike Omuodo, email@example.com, Cell phone: + 254 721 652 701 or Everlyne Mwanika I&M Bank firstname.lastname@example.org Cell phone: + 254 721 652 701.