Equity Bank Kenya has received a $50 million loan facility from IFC, a member of the World Bank Group.
The loan is intended to help it increase working capital and trade-related lending to its small and medium-sized enterprise clients facing COVID-19 related challenges.
“IFC’s loan, part of our business continuity management plan, will help Equity Bank extend much-needed support to our clients, particularly to SMEs in sectors hit hard by COVID-19. We have purposed to support and walk with them
so that they can survive during this crisis, recover, and thrive after it,” said Equity Group CEO, James Mwangi.
“I call on customers looking to seize emerging opportunities in the health and medical sector to manufacture personal protective equipment (PPE) or support the logistics of the entire ecosystems and value chain to take advantage of the $50 million (KSh5b) facility,” he added.
The loan is part of IFC’s global $8 billion fast-track COVID-19 facility, announced in March and designed to help businesses maintain operations and jobs during—and after— the COVID-19 crisis.
IFC’s portfolio in Kenya stood at $884 million as of June 30, 2020, with investments supporting growth and jobs in the financial, manufacturing, agribusiness, services, infrastructure, and other sectors.