NAIROBI — International Finance Corporation, the World Bank’s private sector investment arm, said on Wednesday it would offer the Kenya unit of KCB Group a $150 million loan to support businesses in tackling the effects of climate change.
IFC and KCB Kenya said the funds would be used to finance projects that promote the use of renewable energy and buildings that promote efficient use of energy.
“Our partnership with KCB Bank Kenya will increase access to climate finance in the country and enable the development of more green projects that support Kenya to respond to the effects of climate change and shift to a greener development model,” IFC country manager for Kenya, Amena Arif, said in a statement.
Kenya loses 2.0–2.4% of its gross domestic product per year due to the effects of climate change, such as drought and floods, a 2018 Kenya National Bureau of Statistics study showed. (Reporting by George Obulutsa; Editing by Edmund Blair)