NBK’s Majikonnect programme gets Ksh 1.2B boost from WaterEquity

National Bank of Kenya (NBK) has secured $10 million (Ksh 1.2 billion) from WaterEquity to facilitate financing of clean and safe water projects across the country.

Acting NBK Managing Director Peter Kioko has said the loan which is expected to boost its Ksh 5 billion Majikonnect programme will enhance credit issuance to public and private water utility companies and micro, small, and medium-sized enterprises (MSMEs) across the country.

“We are excited to partner with WaterEquity who are intentionally focused on solving the global water crisis. NBK’s collaboration with WaterEquity will positively and significantly impact access to water, sanitation, and hygiene services and products across the country. Our partnership accentuates our focus on attaining Sustainable Development Goal 6 (SDG6) – improving access to clean and safe drinking water for all. Water remains a fundamental enabler for health, education, energy, and agriculture,” said Kioko.

Kioko added that the facility from the impact investor further reaffirms the lender’s commitment to supporting last mile connectivity in the water sector through increased access to financing.

“This new partnership builds on our foundational work with our WASH-sector anchor partners, Aqua for All in establishing the Majikonnect programme last year. NBK will continue to forge transformative partnerships to improve access to water services,” he added.

According to WaterEquity Chief Investment Officer John Moyer millions of people worldwide have been locked out of access to safe water and sanitation infrastructure due to limited financing for the sector.

“At WaterEquity, we believe that capital markets offer the best solution to increase access to water and sanitation at a large scale. And we’re very pleased to continue our support for expanded access in Kenya through our investment in NBK, particularly given the bank’s tremendous commitment to financing the sector,” said Moyer.

The latest data from the Water Services Regulatory Board (WASREB) indicate that water coverage in regulated areas in Kenya stands at 60pc, whilst sewerage coverage stands at 16pc.

  

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