KCB Bank Kenya has secured USD 540,000 (Kshs 69 million) from the Green Climate Fund (GCF) to support Micro, Small, and Medium-sized Enterprises (MSMEs) pursuing climate-smart technologies.
The Project Preparation Facility (PPF) approval enables KCB to extend funding to MSMEs to commence green projects, consequently unlocking climate innovation and the investments urgently needed to respond to climate change.
Through this initiative, MSMEs gain access to vital resources and financial support, allowing them to implement sustainable practices, enhance their competitiveness, and play a crucial role in the transition to a greener economy, while enhancing job creation and community development.
“This milestone represents a significant step forward in our commitment to sustainable development. By empowering our MSMEs with cutting-edge, climate-smart technologies, we are taking decisive action to tackle environmental challenges while fostering local economic growth and creating sustainable jobs within our communities,” said KCB Group CEO Paul Russo.
The PPF allocation and approval received from the Green Climate Fund allows the Bank to progress to full funding proposal stage in 2025 with an implementation of the Project Preparation activities for the MSMEs Climate Smart technologies.
“We believe that by investing in sustainable practices, we can build a brighter, more resilient future for all. Together, we can ensure that our commitment to sustainability translates into tangible benefits for both the environment and the economy,” said Russo.
The technologies will aim to integrate climate-smart solutions that reduce greenhouse gas emissions, improve their economic viability and in turn contribute significantly to Kenya’s national climate goals and bolster their competitiveness in the global market.
Lands, Public Works, Housing and Urban Development, Cabinet Secretary, Alice Wahome said: “The development of the Project Preparation Facility (PPF) by KCB is a positive step that the Ministry fully endorses. It directly contributes to establishing resilient urban services, including affordable housing, energy solutions, water resilience, sanitation and job creation.”