Kenya wants to raise KSh 7.3 trillion for climate-related investments over five years, Business Today reported. Hitting that goal will require big changes in how banks judge projects, manage lending risk and extend credit.
Kenya's banks face pressure to fund projects that protect the environment, the state-run Kenya News Agency reported on Tuesday. The push comes as the country chases a large climate finance target.
Kenya aims to raise KSh 7.3 trillion for climate-related investments over five years, according to Business Today. The outlet said meeting that goal will require major changes in how banks assess projects. Lenders will also have to rethink how they manage risk and distribute credit to businesses.
Business Today reported that the banking sector is being challenged to build new financing models. These would support renewable energy, agriculture, clean transport and other environmentally focused investments. The outlet suggested that Kenyan banks may struggle to unlock the full amount.
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