I & M Bank

completed

_x000C_The project aims to provide a loan to Investments and Mortgages Bank (Kenya) Limited (I&M or the bank) of up to $5 million to support the bank’s growing SME client base and export-oriented segment in Kenya. The proposed loan will have a six year maturity, with a one-year grace period. IFC will also consider providing I&M with equity of up to $2 million to shore up the bank’s core capital.The proceeds from the loan will enable I&M to better meet increasing demand from its SME client base. I&M has also effectively targeted medium-sized corporate customers in the export segment. The bank has successfully grown this market niche, but is now faced with growth constraints due to a lack of suitably tenured, hard currency financing. The project would further foster competition in the local credit market, thus reducing costs for the private sector. IFC financing will underscore the bank’s regional expansion strategy. I&M has requested to participate in IFC’s Global Trade Finance Program as an L/C issuer. The trade facility will enable I&M to increase its limits with confirming banks based on an IFC guarantee. IFC’s proposed exposure to I&M under the trade facility would be up to $5 million, with the final exposure to be maintained within policy determined levels.