Equity Bank has signed a Memorandum of Understanding (MoU) with the East African Community (EAC) to help fast-track its Africa resilience and recovery plan that largely targets small and medium enterprises (SMEs).
Equity CEO James Mwangi says the MoU is a vehicle for financial support and development financing using the EAC infrastructure of the Common Market. It targets farmers, manufacturers, energy and social services providers, with the goal of stimulating intra-continental trade.
He said Equity bank is making part of its $13 billion balance sheet available for the region’s entrepreneurs while 16 development financiers, including the International Finance Corporation (IFC), African Development Bank (AfDB), and European lenders, are bringing in more for lending.
Meanwhile, Somalia has renewed its bid to join the East African Community (EAC) trade bloc, after the country’s newly elected President Hassan Sheikh Mohamud arrived in Arusha to attend the ongoing 22nd Ordinary East Africa Community Heads of State Summit.