Kenya's Co-op Bank Secures $25M from Germany's DEG

Co-operative Bank of Kenya (Co-op Bank) has secured 3.4 billion Kenyan shillings ($25 million) from German Investment and Development Company DEG, a subsidiary of KfW Group, to finance small and medium-sized enterprises (SMEs) owned by women. DEG will provide the funds exclusively for micro, small, and medium-sized enterprises managed or owned by women. This investment aims to support SMEs in developing countries, with a particular focus on women-led businesses.

The partnership between DEG and Co-op Bank, established in 2013, aligns with the UN Sustainable Development Goals, particularly SDG 8 and SDG 5, as well as the EU's Global Gateway Initiative, contributing to job creation and increased household income at the local level.