COVID-19: Good news for MSMEs as Equity Bank secures KSh 10 bn kitty to help them recover from economic shock

COVID-19: Good news for MSMEs as Equity Bank secures KSh 10 bn kitty to help them recover from economic shock

– The deal brings together a strategic partnership for job creation and sustainable development

– New partnership will allow Equity to access funding for Kenyan MSMEs focused on job creation

– Funding is part of the French initiative Choose Africa dedicated to supporting MSMEs in Africa

– Part of the funding will also support projects with climate change benefits

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Equity Group Holdings Plc has announced its new partnership with Proparco, a French Development Finance Institution, which will allow the Kenyan bank to grow and continue its support to the private sector and its deep commitment to MSMEs, women entrepreneurs and development of rural areas through dedicated products.

MSMEs have been particularly affected by the economic shock of the COVID-19 crisis and the collaboration speaks to Equity’s firm commitment to helping the private sector to quickly recover and to thrive after the pandemic is over.

The agreement was signed in Paris on the sidelines of President Uhuru Kenyatta’s high-level trade delegation to France by Managing Director and CEO James Mwangi and witnessed by Agence Française de Développement Group’s (AFD) CEO, Remy Rioux. “The impact of the COVID-19 pandemic started as a health crisis, which quickly became an economic crisis and humanitarian crisis that has seen almost 40% of Kenyan small business owners affected by the geat economic shutdown in business. Equity’s goal is to keep the lights of the economy on to support lives and livelihoods and as the economy begins to open up, our partnership with Proparco will help us to support the quick recovery of their businesses and most importantly their growth out of the crisis,” said Mwangi. Proparco is a French Development finance institution which is a subsidiary of Agence Française de Développement (AFD) together forming the AFD Group, devoted to private sector financing and engaged in promoting sustainable development for 40 years. The organisation works in 80 countries across Africa, Asia, Latin America and the Middle East, providing funding and assistance to businesses and financial institutions.

Today’s announcement will further support Equity’s dedication to remaining Kenya’s leader in MSME’s financing and its ambition to better support underserved segments, in particular small scale farmers, micro small and medium enterprises, contributing to the “Big Four" developmental agenda: manufacturing, affordable housing, health and food security.

In total, the project is expected to support […]

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