IFC, BOA Kenya Partner to Expand Lending to Small Businesses in Kenya

To spur private sector growth and promote access to finance in Kenya, including for women-owned businesses and businesses focused on addressing climate change, IFC announced today a partnership with Bank of Africa Kenya (BOA Kenya).

Through the partnership, IFC will enter a risk-sharing facility with BOA Kenya that will help the bank scale up lending to small and medium-sized enterprises (SMEs). The facility will cover 50 percent of losses on all eligible loans that BOA Kenya extends to SMEs, up to the equivalent of $5 million in local currency shillings.