The Equity Bank Kenya on Wednesday announced receiving $50 million loan from IFC meant to support SMEs especially during and after COVID-19 pandemic.
Dr. James Mwangi, Equity Group CEO, said, “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. 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 facility.”
The bank will therefore support businesses in health, transport, logistics ,manufacturing ,trade and consumer goods. These sectors are what keeps people going during the Coronavirus pandemic.
Manuel Moses, IFC Country Manager for Kenya, said, “IFC’s longstanding partnership with Equity Bank underscores our commitment to Kenya’s financial sector and wider economy, especially during these difficult economic times. Keeping businesses solvent and protecting jobs are essential parts of IFC’s response to the unprecedented challenges of COVID-19.”
IFC has ser aside a total,of $8 billion to help enterprises affected by COVID-19 around the globe.
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