Proparco has given Equity two grants support for Micro, Small and Medium Enterprises (MSMEs) in Kenya
The first KSh 2.5 billion ARIZ guarantee will cover 50% of the number of eligible loans allocated by Equity Bank to Kenyan MSMEs
The second KSh 2.5 billion EURIZ guarantee will cover up to 70% of loans granted to women entrepreneurs in sectors with a high social or societal impact
Equity Group has received two grants amounting to KSh 5 billion from Proparco to help the bank further its support for Micro, Small and Medium Enterprises (MSMEs) in Kenya. Equity gets KSh 5b Grant from Proparco to support MSMEs. In a statement seen by TUKO.co.ke , Proparco has also granted Equity KSh 70 million in technical assistance facility to support the Equity Group Foundation’s health projects.
Proparco is the private sector financing arm of Agence Francaise de Developpement Group (AFD Group), which promotes sustainable economic, social and environmental development. The funding
The first KSh 2.5 billion ARIZ guarantee will cover 50% of the eligible loans allocated by Equity Bank to Kenyan MSMEs.
The second KSh 2.5 billion EURIZ guarantee will cover up to 70% of loans granted to women entrepreneurs in sectors with high social or societal impacts such as Agriculture, Fisheries, Education and Health.
The other KSh 2.5 billion will cover 70% of loans granted to women entrepreneurs or the MSMEs in sectors with high social or societal impact.
These may include agriculture, fisheries, education and health.
According to Proparco, the two guarantees are the largest ever granted by Proparco to a financial institution.
They also contribute to Choose Africa, the French initiative dedicated specifically to African entrepreneurs, start-ups and MSMEs while supporting Equity’s Africa recovery and growth plan.Commenting on the funding, Djalal Khimdjee, Deputy CEO of Proparco, said the deal builds on the relationship between the two companies. “Equity Bank historical and long-lasting commitment to MSMEs makes it a prominent partner of the AFD Group in the roll out of the Choose Africa initiative launched in 2018 by the French Government,” he said. Equity Group CEO James Mwangi said the bank’s shared vision for the transformation of lives and livelihoods on the African continent is one the two organizations are both committed to. “It is this shared mission that continues to support and expand opportunities for wealth creation on the continent for our people, and which will allow Africa to thrive and prosper […]