Kenya’s banks have surpassed their annual lending target to Micro, Small and Medium Enterprises (MSMEs), exceeding the Ksh150 billion target by 2% to a total of Ksh153 billion.
This was announced by Raimond Molenje, the Chief Executive Officer of the Kenya Bankers Association (KBA), during the launch of the Nature Positive Financing Assessment Report.
Molenje expressed satisfaction with the progress and hoped that this momentum would be sustained throughout the remainder of the year.
The report, which was a collaborative effort by KBA, the World Wide Fund for Nature-Kenya (WWF-Kenya), and the German Corporation for International Cooperation (GIZ), identifies significant investment opportunities in Kenya’s nature-based sectors. It reveals that the manufacturing, water resource management, environmental services, and agriculture sectors could hold a combined Ksh19.4 trillion in nature-related investment and financing opportunities over the next 5-10 years.
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Molenje highlighted that these findings will help banks contribute to Kenya’s sustainable economic development, curb nature loss, and build resilience to climate change. He added that the findings would also guide banks in aligning their policies with national strategies like the Green Economy Strategy and the National Biodiversity Strategies and Action Plans.
In a related development, the KBA unveiled the Centre for Sustainable Finance and Enterprise Development (CSFED), which will act as a hub for supporting MSME transformation. This new center is expected to provide capacity building and enhance MSMEs’ access to finance.
According to Molenje, the CSFED will be instrumental in improving the financial system and bolstering enterprise development in Kenya.
By Masaki Enock
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