KENYA’S Equity Group Holdings said on Wednesday it had launched a lending facility worth 75 billion shillings ($685 million) to help small and medium-sized enterprises (SMEs) recover from the economic impact of the COVID-19 pandemic.
“For the SMEs that have been out of business for a year, working capital has been depleted,” CEO James Mwangi said at a news conference in the capital Nairobi.
Mwangi said Equity would dedicate about 400 billion shillings over the next five years to the businesses.
He said the facility had guarantees worth 35 billion shillings from groups that include Mastercard Foundation, the European Investment Bank, the African Guarantee Fund, France’s Proparco and the African Development Fund, allowing businesses to borrow at 13% for loans with tenors of up to five years.
Kenya’s second biggest lender also operates in South Sudan, Tanzania, Rwanda, Uganda and the Democratic Republic of Congo.
In the first nine months
You’ve reached your free article limit
Subscribe to enjoy unlimited access to trusted journalism. Cancel anytime.
Subscribe nowNeed help? molokom@insidepolitic.co.za
