The eco.business Fund has extended Ksh 805 million to Family Bank to bolster sustainability-certified companies.
Among others include small-holder farmers and other agribusiness value chain actors embracing eco-friendly and climate-smart approaches to enhance the competitiveness of agri-businesses.
In 2022, the fund invested USD 10 million in the Bank which was directed towards fostering sustainable practices in agribusiness value chains.
However,Eco.business chairperson Michael Evers stated that they are going to strengthen this partnership with family bank to aspire the Agri- businesses.
“We are delighted to strengthen this promising partnership with Family Bank Kenya. Together, we aspire to enhance support for agri businesses in Kenya.”
“We seek to adopt sustainable practices, playing a pivotal role in biodiversity conservation, sustainable resource utilization, and climate change mitigation and adaptation in this biodiverse region,”Michael said.
Thus,Food and Agriculture Organization of the United Nations statistics show that despite agriculture being vital to Kenya’s economy,
it will contribute to 33 per cent of the Gross Domestic Product.
“The agricultural sector is very crucial to the achievement of meaningful sustainable development.”
“As a homegrown Bank, we have been deliberate in widening our capital base and scaling up lending to this sector, particularly through partnerships,” said Family Bank CEO Designate Nancy Njau.
CEO family bank added that,their partnership with with eco.business fund has been a testament to their commitment in supporting the growth of local markets.
“Our partnership with eco.business fund has been a testament to our continued commitment to supporting the growth of local markets by providing end-to-end value,”Family bank Designate Nancy Njau added.
Family bank has recorded an increase of 25 per cent in their Agri business portfolio that follow their partnership.
“We have recorded a significant increase of 25 per cent in our agribusiness portfolio following such partnerships and we are confident that now we can scale up lending to agri-businesses,”She stated.
Through backing certified and sustainable agricultural producers in crucial exporting nations like Kenya,
this investment aims to establish a consistent demand from developed markets, steering local producers towards more sustainable production methods.
Notably, this partnership aligns with the eco.business Fund’s mission to combat climate change and preserve biodiversity.
It therefore enables the fund to engage with a diverse range of agribusiness value chains and actors and promote sustainable practices across them.
Additionally,Maxine Chehab, Investment Manager at the fund’s advisor Finance in Motion said,
“We are impressed with the growth potential and dedication of Family Bank as it has managed to not only grow but diversify its portfolio significantly since the beginning of our partnership.”
“We’re glad to keep supporting them on their growth journey through financing and tailored technical assistance.
Among the areas include implementing a robust Environmental and Social Risk Management System (ESMS), and overall strategy implementation.
