IFC gives I&M’s Mauritius bank Sh3.75bn loan

By Maureen Maingi

Mauritius-based Bank One has obtained a Sh3.75bn (US$37.5mn) loan from International Finance Corporation (IFC). The Kenyan banking group I&M Holding has a 50% stake in the company. Bank one is a joint venture between I&M and CIEL Group, the latter of which is also based in Mauritius. Indirect owners also include Minard Holdings via I&M, and the investment group Amethis Finance via CIEL.

This senior loan will enable the bank to increase its lending to local businesses. The criteria to obtain a business loan requires the company to have between 10 and 300 employees or annual sales of Sh10mn ($17,353) to Sh1.5bn (£2.6mn). This will in turn allow IFC to continue to support the funding of small to medium businesses, women-owned businesses and climate improvement movements through the loan to Bank One.

SEE ALSO:

 

The IFC said in its investment disclosures.“The IFC loan will strengthen the bank’s long-term funding position and support the expansion of its lending operations to SMEs.”

Loans from banks such as IFC are becoming increasingly popular due to their generous terms such as lower interest rates. Many small and medium enterprises will undoubtedly benefit from this loan.

Share

Featured Articles

Meet the COO: Brook Sims of MAC Diversity Recruiters

Passionate about helping others find their voice, diversity leader and COO Brook Sims talks powerful leadership, diverse teams and being a change agent

Best business books to improve leadership strategy

From strategic guides to inspiring CEO memoirs, these new books dish up plenty of principles, strategies, and anecdotes to help you become a better leader

Shoplazza founder and CEO Jeff Li, ex Baidu, on leadership

Named in Fortune China’s 40 under 40 for 2022, former Baidu head Jeff Li is the entrepreneurial founder and CEO of ecommerce platform Shoplazza

The office shifts to new way of working – workplace special

Leadership & Strategy

Trailblazer: Clorox's DEI leader Shanique Bonelli-Moore

Sustainability

The inspirational CEO story – Dean Forbes of Forterro

Leadership & Strategy