This archive report was first published on 4 January 2022.
On January 4, 2022, Equity Group announced that it had acquired a Sh. 18.6 billion loan from the International Finance Corporation (IFC), a member of the World Bank Group.
The loan, which is one of the single-largest credit facilities to a Kenyan lender, is expected to increase the lender’s working capital and trade-related lending to its SME clients in Kenya.
According to the deal, IFC will directly provide Sh. 5.6 billion, with the remaining Sh. 13 billion coming from partners.
Equity Bank chief executive officer Dr. James Mwangi said, “IFC’s loan, which is 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 the pandemic. We have purposed to support and walk with them so that they can survive during this crisis, recover, and thrive after it.”
IFC Country Manager for Kenya Manuel Moses added, “IFC’s longstanding partnership with Equity Bank underscores our commitment to Kenya’s financial sector and the 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.”
