The Co-operative Bank of Kenya has signed a loan portfolio guarantee agreement with the African Guarantee Fund (AGF) for Small and Medium-sized Enterprises with the aim of boosting finance for green projects. The bank says the Kes.750m deal will enable it to support more emerging green energy projects.
The agreement reflects an increased demand for solar energy in Kenya. Solar costs have fallen by 80% since 2010. Between 2018 and 2019 the price of solar power fell by 13%. The country’s 2019 Population and Housing Census revealed that 19.3% of Kenyan homes used solar power.
Read more: Coop News