Co-operative Bank of Kenya and the European Bank for Reconstruction and Development (EBRD) have successfully closed a US$100 million cross-currency swap deal expected to strengthen access to competitively priced foreign currency financing for Kenyan businesses.
The transaction was marked on Monday, September 21, 2026, during a ceremony attended by senior officials from the two institutions.
EBRD Managing Director for Sub-Sahara Africa Dr Heike Harmgart and Co-operative Bank Treasurer Mutahe Karuoro received commemorative plaques to mark the successful completion of the transaction.
The deal is expected to enhance Co-op Bank’s capacity to provide foreign currency financing to businesses, particularly enterprises with funding requirements linked to international trade and other cross-border activities.
Foreign currency financing can provide businesses with access to funding in currencies that match their international obligations, helping them manage financing requirements associated with imports, exports and other international transactions.
The partnership between Co-op Bank and EBRD reflects growing collaboration between local financial institutions and international development finance partners to expand access to financing for businesses.
The transaction also reinforces Co-op Bank’s role in supporting Kenyan enterprises with financial solutions designed to respond to their evolving needs, including access to foreign currency funding.
Teams from both institutions attended the ceremony, including Abdessamad Abouti, Regional Head of Local Currency Portfolio at EBRD.
The successful closure of the US$100 million swap provides Co-op Bank with additional capacity to serve businesses requiring foreign currency financing, while deepening its partnership with EBRD.
