Equity Bank has been granted Ksh10 billion loan by the International Finance Corporation to boost its lending to small and medium businesses, agricultural projects and women entrepreneurs in the region
The funding will bridge the inaccessibility to affordable credit for SMEs, a huge hinderance that has affected their businesses growth, says James Mwangi, Equity’s group Chief Executive.
“This loan facility will not only enable us to offer SMEs affordable credit, but will also stimulate them to focus on regional export markets and match their strategic growth plans with long term funding.
“Thanks to this new loan, we will build on our achievements, especially deepening financial inclusion in East Africa,” said Dr Mwangi.
Jean Philippe Prosper, IFC Director for East and Southern Africa, indicated that boosting the said businesses will ultimately catalyse growth in African economies.
“IFC’s partnership with Equity Bank Group will extend banking services to these underserved entrepreneurs, helping to build businesses and create jobs, both in Kenya and in East Africa as a whole,” Philippe said.
Besides Equity Bank, IFC’s investment and advisory services has partnered with eight other banks and one microfinance institution in Kenya to help sustainably and profitably increase business with SMEs.
