Eco.business Fund has entered into its first partnership in sub-Saharan Africa with the Co-operative Bank of Kenya by providing an investment amounting to USD 10 million to finance sustainable agriculture which includes practices such as sustainable use of natural resources, mitigating climate change impacts to agriculture and protecting biodiversity.
The partnership will enable the Bank to provide sustainable credit services to agribusinesses that conserve ecological landscape for instance business that use hydroelectric installations instead of fuelwood and cold storage solutions to reduce post-harvest losses.
Coop bank, AFRACA member started off as an agriculture bank supporting agricultural cooperatives. Today it is one of the largest financial institutions in Africa with over 8.8 million account holders with 156 branches in Kenya, 4 in South Sudan, 576 ATMS and over 23,000 Co-op kwa Jirani agency banking outlets.
The Eco.business fund aims to promote business and consumption practices that contribute to biodiversity conservation, to the sustainable use of natural resources, and to mitigate climate change and adapt to its impacts in Latin America, the Caribbean, and sub-Saharan Africa.