Caption: The Managing Director, Sub-Sahara Africa at the European Bank for Reconstruction and Development (EBRD) Dr Heike Harmgart (third left) and the Treasurer, Co-operative Bank Ms Mutahe Karuoro display the commemorative plaques after the swap deal.
By Aby Agina
The Co-operative Bank of Kenya and the European Bank for Reconstruction and Development have completed a $100 million cross-currency swap designed to expand the lender’s access to competitively priced foreign-currency funding for Kenyan businesses.
The deal, formally closed on Monday, brings together senior officials from both institutions, including EBRD Managing Director for Sub-Saharan Africa Heike Harmgart and Co-op Bank Treasurer Mutahe Karuoro.
The financing is expected to strengthen Co-op Bank’s capacity to provide foreign-currency funding to businesses, supporting companies with international trade and other foreign-exchange requirements.
The transaction follows the EBRD and Co-op Bank’s broader $100 million financing program, with the first $50 million tranche previously executed through a cross-currency swap.
About the Author: Aby Agina is a former CNBC journalist with extensive experience covering business, finance and economic affairs”
