On Wednesday, the World Bank’s private sector arm, International Finance Corporation (IFC), said it would offer the Kenya unit of KCB Group a US$150m loan to support businesses in tackling the effects of climate change.
The IFC and KCB Kenya said that the funds would be used to finance projects that promote the use of renewable energy and buildings that encourage efficient use of energy. A 2018 study conducted by the Kenya National Bureau of Statistics showed that Kenya loses 2 percent-2.4 percent of its GDP per year due to climate change effects, such as droughts and floods.
