The National Commercial Bank of Africa (NCBA) has announced a significant financing agreement today, marking a pivotal step towards advancing green financing and women’s economic empowerment in Kenya.
Valued at Sh6.7 billion (USD50 million), this funding signifies NCBA’s commitment to sustainability, in partnership with Proparco, a subsidiary of the AFD Group specializing in private sector development.
NCBA’s sustainability agenda, encapsulated in their “Change the Story” platform, underscores their dedication to driving positive change through strategic initiatives.
According to John Gachora, the Group Managing Director of NCBA, this partnership is instrumental in realizing their sustainability commitments, stating, “Collaborative efforts and strategic partnerships are integral to the value that we deliver to all our stakeholders.”
The “Change the Story” platform, initiated last year, operates on five strategic pillars and encompasses fifteen bold commitments.
These commitments range from mobilizing funds for green and sustainable financing to promoting diversity and inclusion.
Specifically, NCBA aims to allocate at least 30 percent of general services procurement spending towards women and youth, fostering diversity, equity, and inclusion in the process.
Moreover, NCBA is embarking on an ambitious investment plan aimed at expanding its presence in Kenya and enhancing services for Small and Medium Enterprises (SMEs) and corporate clients.
Through collaboration with Proparco, NCBA intends to bolster sectoral investments in agriculture and manufacturing, aligning with the 2X Challenge—an initiative dedicated to advancing opportunities for women in entrepreneurship and SMEs.
The 2X Challenge, launched in 2018 by international financial institutions, seeks to increase financing towards gender equality and women’s economic empowerment.
Emmanuel Haye, Head of Financial Institutions Africa at Proparco, emphasized the significance of this collaboration in enhancing financial inclusion, particularly for women entrepreneurs.
He remarked, “NCBA Group endorses the same goals and values as Proparco, resonating with our strategy to address climate change and social inequalities.”
This collaborative endeavor is projected to benefit over 1,600 Micro, Small, and Medium Enterprises (MSMEs) in alignment with the Choose Africa initiative—an AFD Group program supporting African entrepreneurs.
Additionally, it contributes to several Sustainable Development Goals (SDGs), including Gender Equality (SDG 5), Decent Work and Economic Growth (SDG 8), and Climate Action (SDG 13).
NCBA Group, a leading full-service banking group operating across five countries, provides a range of services including SME and consumer banking.
Proparco, with its international network, collaborates closely with partners to develop sustainable solutions addressing environmental and social challenges across Africa.
Through this strategic collaboration, NCBA is poised to drive meaningful impact, fostering sustainable economic development and advancing the cause of green finance and women’s empowerment in Kenya and beyond.
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