{"id":117997,"date":"2024-05-02T21:20:03","date_gmt":"2024-05-02T21:20:03","guid":{"rendered":"https:\/\/www.africa-press.net\/kenya\/all-news\/co-op-bank-secures-sh3-4-bn-for-on-lending-to-women-owned-smes"},"modified":"2024-05-02T22:31:02","modified_gmt":"2024-05-02T22:31:02","slug":"co-op-bank-secures-sh3-4-bn-for-on-lending-to-women-owned-smes","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/kenya\/all-news\/co-op-bank-secures-sh3-4-bn-for-on-lending-to-women-owned-smes","title":{"rendered":"Co-op Bank secures Sh3.4 bn for on-lending to women-owned SMEs"},"content":{"rendered":"

Africa-Press – Kenya. <\/strong><\/span>Co- operative Bank has secured $25 million (Sh3.4 billion) from DEG of Germany for on-lending to women-owned Small and Medium Enterprises, in the latest move to support growth of businesses.<\/p>\n

DEG \u2013 Deutsche Investitions- und Entwicklungsgesellschaft mbH is a subsidiary of KfW Group.<\/p>\n

Co-op Bank will use these funds to set up a credit line intended exclusively for micro, small and medium-sized enterprises (MSMEs) that are managed or owned by women.<\/p>\n

This financing is the first to be made by DEG in which a guarantee from the European Fund for Sustainable Development Plus (EFSD+) is used to secure part of the loan.<\/p>\n

EFSD+ was established as part of the EU\u2019s Global Gateway Initiative to boost cooperation with the private sector and to enable projects particularly relevant in terms of development policy.<\/p>\n

The credit line will help to close existing gaps in funding for MSMEs on the local credit market in Kenya, where interest rates remain high.<\/p>\n

Growth in commercial bank lending to the private sector also dropped to 10.3 per cent in February compared to 13.8 per cent in January 2024, latest Central Bank of Kenya data shows.<\/p>\n

\u201cThe Co-op Bank is a long-standing customer of DEG. The current investment is an important contribution to supporting SMEs in developing countries in general and SMEs run by women especially,\u201d said Monika Beck, member of the management board of DEG.<\/p>\n

All the funds (100 per cent) will go to female entrepreneurs, Beck affirmed.<\/p>\n

\u201cThe EU guarantee is helping to realise this investment which is particularly relevant in view of its development impact, thereby creating jobs and raising household income locally,\u201d Beck added.<\/p>\n

Co-operative Bank Group managing director and CEO Gideon Muriuki said the financing from DEG comes at the right time, since there is a great need for stronger backing of businesses that are owned or managed by women.<\/p>\n

\u201cFurthermore, the facility will boost the bank\u2019s capacity to cover the long-term funding requirements of SMEs,\u201d Muriuki said.<\/p>\n

DEG has partnered with Co-op Bank since 2013.<\/p>\n

The current transaction contributes to the UN Sustainable Development Goals (SDGs), notably SDG 8 \u2018Decent work and economic growth\u2019 and SDG 5 \u2018Reduced inequalities\u2019 as well as to the EU\u2019s Global Gateway Initiative.<\/p>\n

Co-op is among lenders that have been keen on supporting growth of SMEs in the country.<\/p>\n

Last year, it set aside a Sh14.1 billion war chest for affordable loans to small businesses.<\/p>\n

For More News And Analysis About Kenya<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Kenya. Co- operative Bank has secured $25 million (Sh3.4 billion) from DEG of Germany for on-lending to women-owned Small and Medium Enterprises, in the latest move to support growth of businesses. DEG \u2013 Deutsche Investitions- und Entwicklungsgesellschaft mbH is a subsidiary of KfW Group. Co-op Bank will use these funds to set up […]<\/p>\n","protected":false},"author":84,"featured_media":117996,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[6857,7003,544],"class_list":["post-117997","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-kenya","tag-kenya"],"yoast_head":"\nCo-op Bank secures Sh3.4 bn for on-lending to women-owned SMEs - kenya<\/title>\n<meta name=\"description\" content=\"Co- operative Bank has secured $25 million (Sh3.4 billion) from DEG of Germany for on-lending to women-owned Small and M ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/kenya\/all-news\/co-op-bank-secures-sh3-4-bn-for-on-lending-to-women-owned-smes\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Co-op Bank secures Sh3.4 bn for on-lending to women-owned SMEs\" \/>\n<meta property=\"og:description\" content=\"Co- operative Bank has secured $25 million (Sh3.4 billion) from DEG of Germany for on-lending to women-owned Small and M ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/kenya\/all-news\/co-op-bank-secures-sh3-4-bn-for-on-lending-to-women-owned-smes\" \/>\n<meta property=\"og:site_name\" content=\"kenya\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-05-02T21:20:03+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-05-02T22:31:02+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2024\/05\/sm_1714672518.618954.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"759\" \/>\n\t<meta property=\"og:image:height\" content=\"562\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/co-op-bank-secures-sh3-4-bn-for-on-lending-to-women-owned-smes#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/co-op-bank-secures-sh3-4-bn-for-on-lending-to-women-owned-smes\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Co-op Bank secures Sh3.4 bn for on-lending to women-owned SMEs\",\"datePublished\":\"2024-05-02T21:20:03+00:00\",\"dateModified\":\"2024-05-02T22:31:02+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/co-op-bank-secures-sh3-4-bn-for-on-lending-to-women-owned-smes\"},\"wordCount\":414,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/co-op-bank-secures-sh3-4-bn-for-on-lending-to-women-owned-smes#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2024\/05\/sm_1714672518.618954.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Kenya\",\"Kenya\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/kenya\/all-news\/co-op-bank-secures-sh3-4-bn-for-on-lending-to-women-owned-smes#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/co-op-bank-secures-sh3-4-bn-for-on-lending-to-women-owned-smes\",\"url\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/co-op-bank-secures-sh3-4-bn-for-on-lending-to-women-owned-smes\",\"name\":\"Co-op Bank secures Sh3.4 bn for on-lending to women-owned SMEs - 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